Redfin, a real estate brokerage, has recently reported that one in nine first-time U.S. homebuyers (11.6%) surveyed in the fourth quarter of 2021 said selling cryptocurrency had helped them save for a down payment. This is up from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019.

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, and canvassed 1,500 U.S. residents planning to buy or sell a home in the next 12 months.

“With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic,” said Redfin Chief Economist Daryl Fairweather. “Some of those investments went up in smoke, but others went ‘to the moon,’ or at least rose enough to help fund a down payment on a home.”

As real estate prices skyrocket in South Florida and across the country, some buyers have resorted to unorthodox ways to reap gains and compete in the current seller’s market. According to Fairweather, “crypto is one way for people without generational wealth to win a lottery ticket to the middle class”.

The increase seems consistent with the cohort of millennials now entering peak homebuying age. A recent study from Piplsay found that 49% of millennials polled own cryptocurrency compared to 38% of Gen Xers and 13% of GenZ. Millennials are also more likely to adopt the investment as a form of payment, with 53% saying they are “very likely” to purchase products or services with crypto, vs. 40% of GenX polled and just 7% of GenZ.

Are you interested in purchasing a home in Fort Lauderdale or the surrounding South Florida area? Call Fairway Fort Lauderdale today! We would love to help!