When people consider buying a home, they’re typically thinking about making the purchase on their own or with their spouse or significant other. But there’s a new home buying trend that’s on the rise, particularly with young, aspiring homeowners: co-buying.
So, what is co-buying? Instead of buying a home on their own or with their partners, more are chipping in and buying property with their friends. How many more?
A recent article from realtor.com explored the trend of co-buying, which is quickly gaining popularity with millennials who want to buy their first home without getting help from their families. According to the article, 4 percent of first-time home buyers from July 2018 to June 2019 were co-buyers—double the percentage of the previous year.
So, what does this mean for you? Since co-buying is not the most traditional path to homeownership, it’s something you may never have considered. Knowing that it not only is something others do, but is also on the rise, might just give you the direction and motivation you needed to become a homeowner.