Housing

Time -  A generation ago, most Americans would have never considered the idea of buying a home with a friend. But that’s changing, as many millennials and members of Gen Z no longer view the traditional markers of stability—marriage, children, and a white picket fence— as an inevitable or even desirable goal. A record number of young adults are marrying later or not at all, and growing numbers are choosing not to have kids. Broader economic factors, like high inflation, increased cost of living, and stagnant wages, are making saving up for a home even more challenging. More than 12 million Americans spend at least half of their paycheck on rent, and housing prices in 99% of U.S. counties are unaffordable for the average wage earner, according to data from real estate data provider ATTOM.  

Entering the housing market on a single income can be difficult, which is why married couples still make up the largest percentage of home buyers in the U.S.. But many increasingly believe that the benefits of homeownership—the number one driver of wealth in the United States—should not be limited to those in romantic relationships. That’s why more people are choosing to purchase a home with close friends instead. The data supports the idea that buying a home with friends is becoming a bona fide trend in the real estate market. A recent survey from JW Surety Bonds found some 15% of Americans have gone in on a home with someone other than a romantic partner. Open House Austin, a real estate company focused on helping homebuyers move away from traditional ideas of homeownership, says that the number of co-buyers they serve has jumped from 5% in 2021 to 16% in 2023.