How many Bitcoins do you need to afford a home?
For years, Bitcoin was something of a punchline to most people. A cryptocurrency created by an unknown person with no affiliation to any banks or nations and completely anonymous transactions. What could possibly go wrong?
For a while there, it certainly seemed like this digital currency was destined to be a shiny plaything for technogeeks before it inevitably crashed and burned, taking all their money with it. Instead, not only has Bitcoin survived, but it’s beginning to thrive. Over the last two years, not only have more and more companies started to accept the currency, but its value has skyrocketed.
At the beginning of 2013, one Bitcoin equaled roughly $13. By the time 2014 rolled around, the value had jumped up to over $1,000 before dropping again. That value mellowed out to anywhere between $400 and $800 for most of the next couple years but this past January saw the worth of one Bitcoin climb past the four-digit barrier once more and it hasn’t looked back, rocketing up exponentially ever since. On Nov. 28, the value of one Bitcoin hit $10,000 for the first time ever, climbing to $11,000 the following day.
It should also be noted that the value of Bitcoin also dropped by $2,000 the very next day before rising again to the $10,000 mark. In other words, you’re still taking your chances investing in the world of cryptocurrency, no matter how enticing.
However, that’s not stopping plenty of people from considering Bitcoin in their real estate transactions. Home and property sales settled through Bitcoin have popped up from Miami to Austin to San Diego and plenty of places in between. You can expect to see plenty more property owners saying they’re open to accepting Bitcoin or other cryptocurrencies in the years to come.
Neighborhoods.com took a look around the U.S. to see just how many of those Bitcoins you’ll need to own in order to purchase a median-priced house (based on current values). For kicks (and so you can kick yourself for not investing sooner) we also noted how many Bitcoins it would have required back in January 2013 as well.
Ed. Note: As of the time of this writing, the market value of one Bitcoin is around $17,000
Housing Market: Atlanta
Oct. 2017 Median Price: $204,000
Bitcoins Needed in 2013: 15,692
Bitcoins Needed Today: 12
Housing Market: Baltimore
Oct. 2017 Median Price: $260,000
Bitcoins Needed in 2013: 20,000
Bitcoins Needed Today: 15
Housing Market: Boston
Oct. 2017 Median Price: $568,000
Bitcoins Needed in 2013: 43,692
Bitcoins Needed Today: 33
Housing Market: Chicago
Oct. 2017 Median Price: $231,638
Bitcoins Needed in 2013: 17,818
Bitcoins Needed Today: 14
Housing Market: Dallas-Fort Worth
Oct. 2017 Median Price: $339,950
Bitcoins Needed in 2013: 26,150
Bitcoins Needed Today: 20
Housing Market: Denver
Oct. 2017 Median Price: $415,000
Bitcoins Needed in 2013: 31,923
Bitcoins Needed Today: 24
Housing Market: Houston
Oct. 2017 Median Price: $420,000
Bitcoins Needed in 2013: 32,308
Bitcoins Needed Today: 25
Housing Market: Los Angeles
Oct. 2017 Median Price: $785,000
Bitcoins Needed in 2013: 60,385
Bitcoins Needed Today: 46
Housing Market: Miami
Oct. 2017 Median Price: $340,000
Bitcoins Needed in 2013: 26,154
Bitcoins Needed Today: 20
Housing Market: New York City
Oct. 2017 Median Price: $660,422
Bitcoins Needed in 2013: 50,801
Bitcoins Needed Today: 39
Housing Market: Oakland
Oct. 2017 Median Price: $680,000
Bitcoins Needed in 2013: 52,308
Bitcoins Needed Today: 68
Housing Market: Orlando
Oct. 2017 Median Price: $218,000
Bitcoins Needed in 2013: 16,769
Bitcoins Needed Today: 13
Housing Market: Philadelphia
Oct. 2017 Median Price: $225,000
Bitcoins Needed in 2013: 17,308
Bitcoins Needed Today: 13
Housing Market: Phoenix
Oct. 2017 Median Price: $239,427
Bitcoins Needed in 2013: 18,417
Bitcoins Needed Today: 14
Housing Market: San Diego
Oct. 2017 Median Price: $529,750
Bitcoins Needed in 2013: 40,750
Bitcoins Needed Today: 31
Housing Market: San Francisco
Oct. 2017 Median Price: $1,282,200
Bitcoins Needed in 2013: 98,631
Bitcoins Needed Today: 75
Housing Market: San Jose
Oct. 2017 Median Price: $935,000
Bitcoins Needed in 2013: 71,923
Bitcoins Needed Today: 55
Housing Market: Seattle
Oct. 2017 Median Price: $735,000
Bitcoins Needed in 2013: 56,538
Bitcoins Needed Today: 43
Housing Market: Tampa
Oct. 2017 Median Price: $224,000
Bitcoins Needed in 2013: 17,231
Bitcoins Needed Today: 13
Housing Market: Washington, D.C.
Oct. 2017 Median Price: $408,500
Bitcoins Needed in 2013: 31,423