With property prices reaching all-time highs, people who cannot buy homes on their own have found an interesting solution. Namely, they join forces with parents, friends, relatives, and roommates.
For instance, a recent survey showed that 41% of US citizens between 18-34 have purchased their primary residence with someone they’re not married to. Furthermore, more than half of the respondents said they would consider that option.
This Trend Is Most Prevalent in Areas With High Property Prices
A recent survey showed that 31% of American homeowners and 41% of American homeowners between 18 and 34 have purchased a home with a co-owner out of wedlock. Instead, most of them are romantic partners (15%), parents or relatives (15% in total), roommates, and friends (4% each).
Furthermore, half of the respondents who didn’t purchase a home in the recent period say that they would consider the idea.
This trend is most notable in regions with high home prices, Colorado being one of them. For illustration, the average cost for a home in Denver, Colorado, has reached $750,000. The national average house price is $380,000.
The Idea Is Interesting Even to Experts
Rachel Stults, the managing editor for Realtor.com, finds the idea interesting because she also pays rent.
However, she advises people considering it to think things through. Also they need to have a good talk about finances with their potential co-owner.
The mortgage lender will look into both property buyers, check their credit history finances, and conduct a background check. It is better to know all the details upfront before going to the mortgage lender.
