A New, and Interesting, Development — Friends Partnering to Purchase Homes

We’ve all been reading, hearing and seeing reports on how difficult it is these days for young people to buy a home. A lot of individuals and couples — due to income limits — are priced out of the housing market.

Rocket Mortgage says a solution for some is to partner with a friend, or friends, and those with equally challenging income issues, to buy a home. The mortgage firm checked in with 1,966 renters age 18 and over to see if they’d be willing to team up with friends and co-buy a home.

• 60% are open to the idea
• 64% say affordability is what makes them interested
• 66% are interested enough to pursue a purchase

Here’s a look at the survey’s questions and its most interesting answers.

Question: Would you be willing to co-buy a home with friends?

Yes — 60%

No — 40%

Question: Who’s interested in co-buying a home with friends?

• Generation X — 35%
• Millennials — 32%
• Generation Z — 19%
• Baby boomers — 15%

Question: What’s the main reason you would consider buying a home with friends?

• Affordability — 64%
• Companionship — 17%
• Shared ownership responsibilities — 13%
• Build equity — 6%

Question: What would be your biggest concern about buying a home with a friend?

• Future life changes — 29%
• Financial risk — 26%
• Lifestyle compatibility — 13%
• Friendship strain — 12%
• Different home needs — 11%
• Shared finances — 9%

Source link: Rocket Mortgage — https://bit.ly/4u87xPz