U.S. Treasury Department research report: Low-income families are using cryptocurrency earnings to apply for mortgage loans to buy houses

Odaily News According to a report by economists at the U.S. Treasury Department, more and more low-income households are using the proceeds from cryptocurrency investments to apply for mortgages to buy homes. The report pointed out that in areas where cryptocurrency is more popular, the proportion of mortgages for low-income households has increased by more than 250%, and the average mortgage balance has increased from about $172,000 in 2020 to about $443,000 in 2024, an increase of 150%. Data from the Federal Reserve Bank of New York shows that the increase in debts such as mortgages, auto loans, credit cards and student loans has caused the total U.S. household debt to hit a new high of $17.9 trillion in the third quarter. (Cointelegraph)