Co-Buying: a Millennial Shortcut to Homeownership

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Rising home and living costs and high student debt makes buying homes a seemingly unattainable goal for millennials. Instead of waiting to save up a large deposit or borrow from family, some millennials are pooling resources with friends to reach their goals.

From July 2018 to June 2019, 4% of first time homebuyers bought with housemates, doubling the number from the previous 12 month period. These homeowners are splitting costs while gaining a home for the future and gaining access to equity that renting precludes. Millennial homebuyers are able to balance out the debt by adding additional homeowners, and their additional income.

If you are interested in Co-Buying here are a couple of great articles!

https://www.realtor.com/news/trends/millennials-co-buying/

https://mymortgageinsider.com/co-owning-house-with-friends-relatives-7238/