Friends and unmarried couples make up a growing segment of the housing market. If that’s you, here’s what you need to know before buying.
By Emma Pattee
- June 19, 2019
If you’re unmarried and interested in owning a house, the idea of buying one with a romantic partner or a friend has probably crossed your mind.
In the past decade, the median price of an American home rose by 27.5 percent, and prices are predicted to continue rising at twice the rate of inflation and wage growth. For most first-time home buyers, affording a down payment or a mortgage on their own is not financially feasible, which might be why unmarried duos are becoming a larger portion of home buyers. According to data from the National Association of Realtors, 15 percent of millennial home buyers are buying in unmarried partnerships, and 8 percent of all home buyers are unmarried partners.
Whether you’ve already decided to buy a house with someone else or are just exploring the idea of co-ownership, here are a few conversations you’ll want to make sure you have before signing those purchase papers.
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Credit to the New York Times