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In order to afford a home, some younger people are "co-buying" with friends [View all]
On the one hand, good on them for being creative and open-minded about how to achieve homeownership in the face of what has become a very unaffordable market.
On the other hand, close to half of marriages fail. And to add the complications and stress of household decisions with another individual or another couple??? Yikes!
One couple eventually wants to invest in a major renovation. The other couple doesn't see it as worthwhile or cannot afford to pay half. One couple wants to rent out a portion of the home, the other couple is strongly opposed.
It would be fraught with headaches at times. Glad I was never in that boat!
In a housing market where rising costs have driven the median age of homebuyers to 56 years old, many younger Americans are turning to a new strategy to buy their dream homes: partnering up, platonically, with friends.
This tactic, known as “co-buying,” is becoming increasingly popular, with one study saying nearly 15% of Americans have purchased a home with someone who is not a romantic partner and that 70% of those in Gen Z would be willing to do so.
Homebuying experts say co-buying is a viable option for many but not without its risks.
This tactic, known as “co-buying,” is becoming increasingly popular, with one study saying nearly 15% of Americans have purchased a home with someone who is not a romantic partner and that 70% of those in Gen Z would be willing to do so.
Homebuying experts say co-buying is a viable option for many but not without its risks.
https://thehill.com/homenews/5514127-co-buying-gen-z-homeownership-hack/
9 replies
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