A REALTOR® hands a newlywed couple the keys to their new home and life’s journey begins. It’s the image of homebuying that has been portrayed in the media for decades, but in reality, we all know that the “typical” homebuyer has changed a lot. While married couples still make up the majority of buyers, real estate data provider ATTOM reports that the number of co-buyers with different last names has increased by 31% just since 2019. Many such buyers are unmarried romantic partners, but a growing portion represent different household compositions – friends, roommates, etc.
The rise in unconventional co-buying situations is partially due to rising home prices and high interest rates that have created challenges to homeownership, especially for single buyers. Subsequently, co-buying among friends and roommates is becoming more common.
Of course, if you’re thinking about buying a home with someone other than a life partner, there are some special factors to consider, including each party’s financial situation, long-term plans and personal compatibility. Read on for a few things to think about before beginning your co-buying quest.