Can’t Afford That House? Find a Friend to Buy With

Core Insights - The rising costs of housing are prompting Gen Z homebuyers and their parents to co-buy homes to manage expenses [2][5] - Co-buying is becoming increasingly popular, especially among younger buyers, as it allows them to pool resources to afford homes [4][10] Group 1: Co-Buying Trends - 32% of Gen Z buyers (ages 18-24) are considering co-buying, compared to 18% of Millennials (ages 25-44) [4] - Nearly 15% of Americans have purchased a home with someone other than a romantic partner, with almost half open to the idea of co-buying [4] - The trend is driven by high housing prices and elevated mortgage rates, which have made homeownership less accessible [5] Group 2: Co-Ownership Structures - Co-ownership can help buyers afford homes or purchase larger properties in desirable neighborhoods [6] - Joint tenancy allows for equal ownership regardless of financial contributions, while tenancy in common bases ownership on financial input, allowing for individual shares to be sold or inherited [7][8] - Legal documentation, such as a written co-ownership agreement, is essential to outline decision-making, cost-sharing, and exit strategies [10][12] Group 3: Family Involvement - Families are increasingly engaging in co-buying, with older parents partnering with their children, especially for properties with separate living spaces [13] - This strategy not only aids in homeownership but also provides benefits like shared childcare responsibilities [14]