A recent report shows that over 30% of Gen Z adults are open to co-purchasing a home, even if it means living with a friend, sibling or parent.

Detroit

With housing affordability becoming a challenge, a growing number of young adults are choosing to co-buy homes with non-romantic partners such as friends, siblings, or parents. According to a recent National Mortgage Insurance Corporation report, over 30% of Gen Z adults are open to co-ownership arrangements to share costs and make homeownership more attainable.

Real estate professionals note that while co-buying can ease financial burdens, it comes with risks, particularly if relationships between co-owners deteriorate. Experts recommend establishing clear agreements, such as cohabitation contracts, to outline responsibilities and prevent disputes. Parental involvement in co-buying is also on the rise, often with parents providing financial support or acting as co-owners.

More people co-buying homes with non-spouses

Congratulations, you've saved up and can now afford the keys to a beautiful new home in a beautiful neighborhood like this one in Metro Detroit. The only caveat is you can only truly afford this home with a partner and that partner cannot be a romantic one. The question is are you still taking the keys? Potentially yes, but it depends on the person. I would not. Homes are expensive but the potential risk of losing a relationship is even more expensive. I couldn't handle like having just a platonic roommate knowing that like I could hear the sounds of like chatter and stuff of like them with whoever they bring over. But a recent National Mortgage Insurance Corporation report shows over 30% of Gen Z adults feel otherwise. Those 18 to 24 year olds saying bring on a co-buyer even if it means living with a friend, sibling, or parent. The utilities, the expenses, the monthly bills, that is a high expense for a lot of people. Brian Hummel is a real estate attorney in Royal Oak. And if they can share that burden, split the cost, it makes sense for those individuals. But he says purchasing a home always involves risks especially when the relationship between platonic co-owners takes a turn for the worse. We have had the unfortunate situation where both co-owners are on the mortgage and one has left the country and not willing to sort of take on that financial responsibility. Perhaps that's where the unconditional unbreakable love of a parent comes into play. More commonly than not, yeah. Real estate agent Darren Roberts says higher interest rates are pushing parents to help their kids. I often see parents helping kids buy their homes by simply maybe pulling out of their 401k or doing a gift of funds and then a couple of months later those buyers are actually applying for a mortgage to pay their parents back. Whether a co-ownership is between a child and parents, siblings, or friends, Hummel advises establishing clear guidelines before buying the house. You can use a cohabitation agreement that can be tailored specifically to the co-owner so that maybe you're splitting expenses 50-50. Maybe somebody's paying the mortgage. Maybe somebody's paying the bills. Evan Seery, Scripps News Group.

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