Axios - Roughly half of Americans are willing to split the bill on buying a home in less traditional ways, per a new study. Buying with a friend is one way to make this wild market more manageable. A recent survey from JW Surety Bonds saw some 15% of Americans have gone in on a home with someone other than a romantic partner.... Co-ownership rates grew 21.1%, on average, among non-married partners in 2023, compared to the previous year in the top 10 U.S. counties with the largest co-ownership transaction growth, per co-ownership marketplace Pacaso.The top 10 counties fell within Virginia, Utah, North Dakota, Minnesota and Colorado. Americans are delaying getting married and having kids, but younger people — also burdened with student loan debt — are finally reaching a point of stability to buy homes rather than rent.
There are potential financial risks to consider when deciding to go in on a home with a non-spouse. If one person has a bad credit score, that could negatively influence the mortgage terms, per the mortgage lender Rocket Mortgage. If one person in the agreement fails to pay their part of the mortgage payments, it can also hurt the other's credit score. How much owning a home really costs in the U.S.
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