29% of Americans Say They’d Consider Co-Buying a Home With Friends or Family [New LendingTree Survey]

Written by Posted On Sunday, 23 July 2023 14:24

In the latest survey from Lending Tree they found that 29% of Americans say they’d be open to co-buying a home with someone other than their spouse or significant other. 

  • 36% of Non-homeowners fear they'll never be able to buy on their own.
  • 29% of Americans say they’d be open to co-buying a home with someone. 63% say they’d consider doing so with a family member who wasn’t their spouse and 57% say they’d consider buying with a good friend or current roommate. 
  • Nearly two-thirds of parents say they’d consider co-buying a home with their child. Millennial parents are the most receptive to the idea at 76%, compared with 53% of baby boomers.
  • 64% of non-homeowners say they think they’ll be able to afford a home without a co-buyer one day. Gen Z is the most optimistic generation at 76%, while baby boomers have the bleakest outlook at 43%.
  • Of those who think they’ll be able to buy in the future, 45% say down payment requirements are currently holding them back, while 38% say home prices are too high in their respective areas.
  • You can check out our full report here: https://www.lendingtree.com/home/cities-with-the-largest-share-of-million-dollar-homes/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"Even if they'd rather buy, people should keep in mind that there's nothing wrong with being a renter. Remember that it's better to be a renter who can keep their head above water financially, than it is to be a homeowner who is drowning in debt. Similarly, being a renter is likely going to be better than being a homeowner with a co-buyer who is less than dependable and who might force you to pay their share of the bills."

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Callie McGill

Callie earned her B.A. in Advertising from Penn State University and her work on personal finance and housing related topics have been published on Yahoo! News, MSN, Mashvisor and more.

https://www.lendingtree.com/

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