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

According to a report by U.S. Treasury Department research economists, 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 with high cryptocurrency popularity, the proportion of mortgages for low-income households increased by more than 250%, and the average mortgage balance increased from about $172,000 in 2020 to about $443,000 in 2024, an increase of 150%. According to data from the Federal Reserve Bank of New York, 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)