Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

1 out of 10 millennials are selling cryptocurrency to afford their first home

06/30/2018

Download PDF

One out of every 10 millennials sold cryptocurrency to save for their first home, according to a new survey from Redfin.

The survey, released Thursday, was designed to understand the concerns of people planning to buy a home in the next year. It featured responses from 2,000 participants across the U.S. in total and 500 between the ages of 24 and 38 — which Redfin used to define the millennial age bracket.

Ten percent of the 500 millennials included in the survey said they sold cryptocurrency — which includes such volatile digital tender as bitcoin — to be able to afford an initial down payment on a primary home.

Courtesy fo Redfin

While these investments remain 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.

3 brokerage strategies to boost workplace diversity and inclusion Harvest better ideas, reduce turnover and become a community leader READ MORE

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).

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

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • WATCH: How iBuyer programs are changing your business

    With everyone from tech startups to traditional brokerages diving into the fast-cash offer game know...

  • 6 ICNY takeaways this KW broker took to heart

    Inman Connect New York 2019 left us with many lessons centered around the customer experience. From ...

  • Compass nabs top Brooklyn producer from Douglas Elliman

    Scott Klein and at least five members of his team are making the jump from Douglas Elliman to Compas...

  • Engel & Völkers opens in Napa with Compass defectors

    The global real estate brand is headed to California’s wine country with a team of agents defe...

  • Ben Kinney Companies scoops up 2 real estate tech businesses

    Ben Kinney Companies, a collection of brokerages and other real estate service enterprises, announce...

  • Timothy Leary’s trippy LSD den hits the market for $1.5M

    The California house that famed psychologist and drug proponent Timothy Leary once used to manufactu...

  • She collected rent from tenants but never delivered it to landlords. Now she could lose her license

    The proprietor of two Tennessee real estate management companies has been accused of collecting rent...

  • A look at the homes of the Real Housewives of Beverly Hills

    Sales, robberies and rentals due to inability to sell — it’s been a big year for the sociali...

  • Major mudslide in California prompts evacuations

    More than 50 families were evacuated from their homes after a storm caused a major mudslide and floo...

  • The Inman Weekender: Yelp! Where are Opendoor’s and Offerpad’s reviews?

      What To Read This Weekend Yelp hides reviews pages for Opendoor, OfferpadBY TEKE WIGGIN | FEB...

February 2019
Mon Tue Wed Thu Fri Sat Sun
« Jan    
 123
45678910
11121314151617
18192021222324
25262728  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...