Skip to main content

1 out of 10 millennials are selling cryptocurrency to save for first home

One out of every 10 millennials sold cryptocurrency to save for their first home.

Redfin released a new survey exploring how millennials between the ages of 24 and 38 saved for homes. The sale of cryptocurrency, a virtual currency and medium of exchange, was named by 10 percent of millennials as their means to afford an initial down payment on a primary home over the next year, according to the survey, released Thursday.

Courtesy fo Redfin

Digital currencies, the most popular and reputable of which remain Bitcoin and Ethereum but also include numerous cryptocurrencies backed by real estate assets, experienced a leap in value last year. While these investment remains high-risk, new startups are seeking people to put money into cryptocurrencies and the blockchain technologies behind them.

Nonetheless, a majority of millennials still saved for their first home the traditional way — 69 percent put aside portions of a paycheck each month; 36 percent added earnings from a secondary job; and 24 percent received cash from family.

Along with cryptocurrency, four other less popular ways of saving included selling stocks (13 percent), pulling money out of retirement funds early (13 percent), inheritances (12 percent) and contributing less to retirement funds (12 percent).

How to rope in more seller leads with Mega Agent Pro

Outsource seller prospecting and focus on what you do best READ MORE

However, once these saving were analyzed by income level, Redfin discovered larger discrepancies: only 60 percent of those who earned more than $100,000 a year could afford to stash away savings from their paycheck and were instead forced to pull money out of retirement funds or other means, Redfin Senior Economist Sheharyar Bokhari said.

“These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market,” Bokhari said in a statement.

Email Veronika Bondarenko


1 out of 10 millennials are selling cryptocurrency to save for first home curated from Inman

Comments

Post a Comment

Popular posts from this blog

Amazon HQ2 talks reportedly narrow to Crystal City, Dallas and NYC

Amazon is reportedly getting close to finalizing the location of its  $5 billion, 50,000-job  second headquarters following a nationwide reverse-contest of sorts, wherein the tech company accepted bids and presentations from different city governments on why they should be the one to land Amazon HQ2. And now it appears that three locations are currently in the lead: Virginia’s Crystal City, Dallas and New York City. After speaking to people familiar with Amazon’s plans, The Wall Street Journal reported  this weekend that the search for the second headquarters has narrowed from the 20 cities originally shortlisted as potential locations. Discussions around Denver, Toronto, Atlanta, Nashville, Tenn., and Raleigh, N.C. have cooled somewhat while Amazon’s team has been having more talks with representatives of the other three cities. Amazon’s impact on home affordability has been a major consideration, as the tech giant’s presence in Seattle has both created nume...
Post a Comment
Read more

The Ultimate Guide To Family Law

Introduction The government has always had a fascination with families and the contract of marriage. State legislatures have passed many laws regulating the requirements for getting married and for obtaining a divorce. In addition, today’s laws also affect couples who live together outside of marriage. It is hard to give simple answers to many of the legal questions that a person may have about marriage, parenthood, separation, or divorce because the laws change and vary from one state to another. In addition, judges in different states with identical laws may decide cases with similar facts in different ways. This article describes the laws and court rulings common to most states. If you have other questions, please contact a lawyer in your state. You may also wish to contact a specialist. Many lawyers (particularly in urban areas) work only on family law or make it a large part of their general practice. Lawyers specializing in family law also may refer to themselves as specialist...
Post a Comment
Read more

A tech millionaire wants to build a blockchain city in the desert

The desert in northwestern Nevada near Tesla’s Gigafactory is filled with sagebrush and dust, but if a cryptocurrency millionaire’s high-stakes gamble goes the way he wants the land will soon bloom into a full-blown city unlike any that has preceded it. The land includes 68,000 acres of desert near Reno. The man behind the plan is Jeffery Berns, 56, a lawyer and the founder of a company called Blockchains LLC. And the idea is to create an entirely new community, the size of a city, that is based entirely on blockchain — a kind of digital record keeping technology that is best known as the transaction ledger behind cryptocurrency Bitcoin . “We are building the world’s first smart city based on technology, from infrastructure all the way up,” Berns said Thursday in Prague during a launch event for the project. A moment later he added that, “It’s not so much a city as much as a series of different projects to highlight the power of a public blockchain.” The New York Times toured ...
Post a Comment
Read more