{"id":73657,"date":"2022-01-07T05:30:25","date_gmt":"2022-01-07T13:30:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73657"},"modified":"2022-01-06T14:47:09","modified_gmt":"2022-01-06T22:47:09","slug":"real-estate-cryptocurrency-down-payments","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-cryptocurrency-down-payments\/","title":{"rendered":"12% of First-Time Homebuyers Say Selling Crypto Helped Save for Down Payment, Up From 5% in 2019"},"content":{"rendered":"<h2><i><span style=\"font-weight: 400;\">Digital currencies are becoming an increasingly common payment method as millennials rush the housing market.<\/span><\/i><\/h2>\n<p><span style=\"font-weight: 400;\">One in nine first-time homebuyers (11.6%) surveyed in the fourth quarter said selling cryptocurrency helped them save for a down payment. That\u2019s up from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-73658\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/crypto-chart.png\" alt=\"\" width=\"1325\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/crypto-chart.png 1325w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/crypto-chart-300x204.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/crypto-chart-1024x695.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/crypto-chart-768x521.png 768w\" sizes=\"(max-width: 1325px) 100vw, 1325px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin-commissioned survey of 1,500 U.S. residents planning to buy or sell a home in the next 12 months. The survey, which was fielded to a representative sample of the American population, was conducted by research technology company Lucid from Dec. 10 to Dec. 13, 2021. Respondents were not made aware that Redfin was the sponsor of the research.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This report focuses on the 215 of those 1,500 respondents who answered the question \u201cHow did you accumulate the money you need for a down payment?\u201d\u2014a question we only posed to participants who indicated they were planning to buy their first home in the next year. The most common response was \u201csaved directly from paychecks\u201d (52%), while less common answers included \u201ccash gift from family\u201d (12%) and \u201cpulled money out of a retirement fund early\u201d (10%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWith extra time and a lack of exciting ways to spend money, many people <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/08\/24\/1-in-10-people-invest-in-cryptocurrencies-many-for-ease-of-trading.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">began<\/span><\/a><span style=\"font-weight: 400;\"> trading cryptocurrencies during the pandemic,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cSome of those investments went up in smoke, but others went \u2018<\/span><a href=\"https:\/\/www.businessinsider.com\/cryptocurrency-bitcoin-slang-explained-2018-4\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">to the moon<\/span><\/a><span style=\"font-weight: 400;\">,&#8217; or at least rose enough to help fund a down payment on a home.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin, the world\u2019s largest digital currency, <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hit<\/span><\/a><span style=\"font-weight: 400;\"> a record high of nearly $69,000 in November. Ether, the second most valuable cryptocurrency, also <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\"><span style=\"font-weight: 400;\">reached<\/span><\/a><span style=\"font-weight: 400;\"> an all-time high, though both coins have since lost some of those gains. With <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-home-price\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surging<\/span><\/a><span style=\"font-weight: 400;\"> home prices leading to larger down payments, some buyers are finding non-traditional ways to cover the cost and compete with other bidders.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cCrypto is one way for people without generational wealth to win a lottery ticket to the middle class,\u201d Fairweather said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital currencies are also likely on the rise as a payment method among homebuyers because millennials and Generation Z <\/span><span style=\"font-weight: 400;\">are taking up an <\/span><a href=\"https:\/\/www.wsj.com\/articles\/millennials-are-supercharging-the-housing-market-11639496815\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">increasing<\/span><\/a><span style=\"font-weight: 400;\"> share of the U.S. housing market. Millennials, who <\/span><a href=\"https:\/\/www.yahoo.com\/now\/millennials-own-more-crypto-other-210017141.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">own<\/span><\/a><span style=\"font-weight: 400;\"> more cryptocurrency than other generations, now account for more than<\/span> <a href=\"https:\/\/www.wsj.com\/articles\/millennials-are-supercharging-the-housing-market-11639496815\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">half<\/span><\/a> <span style=\"font-weight: 400;\">of new mortgages.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital currencies are becoming an increasingly common payment method as millennials rush the housing market. One in nine first-time homebuyers (11.6%) surveyed in the fourth quarter said selling cryptocurrency helped them save for a down payment. That\u2019s up from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019. This [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":73659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[112,72,20,97,35],"dashboard":[],"coauthors":[125,62],"class_list":["post-73657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-cryptocurrency","tag-downpayment","tag-housing-affordability","tag-millennial","tag-redfin-surveys"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>12% of First-Time Homebuyers Sold Crypto to Help Fund Down Payment: Survey<\/title>\n<meta name=\"description\" content=\"That&#039;s up from 5% in 2019. 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