Buyers increasingly look to co-buying to ease housing costs
A Neighbors Bank survey found 71% of Americans would consider buying a home with someone other than a spouse to make homeownership more affordable.
Buying a home with a spouse is no longer the only path many Americans are considering.
A new Neighbors Bank survey found 71% of Americans would consider buying a home with someone other than a spouse if it made homeownership more affordable. Parents, siblings and unmarried partners topped the list of potential co-buyers, while 30% said they would consider buying with a close friend.
The survey of 1,014 adults, conducted Sept. 3, points to affordability as the main driver. Among respondents, 52% cited sharing the monthly mortgage payment as an attraction, 37% pointed to splitting the down payment and 36% said co-buying could help them afford a bigger or better home.
That willingness to share ownership could open conversations with buyers who assume purchasing a home is out of reach because they cannot afford one on their own.
“Buying a home has rarely felt harder to do alone,” Neighbors Bank said in its report.
For some buyers, waiting is less appealing than sharing ownership. Sixty percent said they would rather own half of a home now than continue renting until they could afford an entire home themselves.
But sharing a mortgage also means sharing decisions about money, maintenance and what happens if circumstances change.
Nearly all respondents, 94%, said they would likely put a co-buying agreement in writing. The most commonly cited provision was a buyout or exit plan, selected by 60%. More than half wanted an agreement to spell out how expenses would be divided.
Those discussions can become important early in the home search, particularly when buyers are comparing how much each person can contribute, what financing options may be available and whether the arrangement works over the long term.
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