Florida’s First-Time Buyers Embrace Co-Buying
With home prices up, more buyers are partnering with friends to afford a home. Experts urge clear planning and legal agreements.
MIAMI – Shared homeownership isn’t new, but who’s doing it is. As prices surge, more first-time buyers are turning to friends to afford a home.
According to the National Association of Realtors®, home prices have risen 56% since early 2020. At the same time, first-time buyers now make up just 21% of the market, with the median age of a first-time buyer climbing to 40.
For many, including 24-year-old Indiantown, Florida, residents Jacquelyn Cusumano and Camryn Moody, buying a home together was a way to stop spending money on rent and start investing in their future.
“I just always knew that I wanted to invest in real estate and buy real estate,” said Cusumano. “So, it influenced me to just buy a little bit sooner, I guess.”
“Our rent was just very expensive for a small amount of space that we had,” said Moody, who is a small business owner running a bakery. “That kinda added to our decision as well.”
Cusumano’s and Moody’s decision mirrors a broader shift. Several housing industry reports found that about 15% of homebuyers purchased a home with a friend or relative who was not a spouse or partner.
The process did, however, come with its challenges, from getting approved for a mortgage to having difficult conversations about how costs are split, what happens if one person wants to move, or if one of them is unable to pay their share.
For Cusumano and Moody, they said that being friends for 10 years really brought that trust in each other to make a decision like this.
“Just deal with that situation when it comes up,” said Cusumano. “There’s no 100% certainty that something wouldn’t happen. I mean, I don’t know, you guys both have a stake in it so you don’t wanna screw each other over.”
Co-buying isn’t only for financial reasons. In fact, a 2024 Zillow report found that many choose this route because they don’t want to live alone.
While co-ownership works, experts say it requires planning. Friends don’t have the built-in legal protections that married couples do, making written agreements and clear plans essential.
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