While young Americans have been said to be as likely to own cryptocurrency as real estate, Millennials are keen to own their own homes and are doing it their own way, often out of necessity.
A new Bankrate.com survey has discovered that 42% of homeowners aged 28-43 have bought at least one home on their own, well above the 30% average across the generations including 34% of Gen Xers and 22% of Boomers. Overall, 59% of American homeowners bought with a spouse or partner.
“More millennials have opted for solo home purchases or co-buying with friends or family compared to their older counterparts. That’s likely due to a shift in generational norms,” said Bankrate Analyst Alex Gailey. “Younger Americans are partnering or marrying later than in prior generations, but many still want to become homeowners.”
Despite the challenges of affordability - a recent report from CoreLogic revealed that the average down payment in 2023 reached an all-time high of $84,000 or 16% of the purchase price - the new Bankrate report found that just 4% of all buyers have teamed up with a friend to buy a home, the same percentage has partnered with a relative other than their spouse/domestic partner, and 2% have joined up with multiple friends.
However, younger buyers are opting for these among creative solutions to enable them to become homeowners, while others may be forced to wait at least until interest rates begin to fall.
“Purchasing a home has felt out of reach for many would-be buyers, especially first-time buyers who do not have existing home equity to leverage, because of rising home prices, high mortgage rates and a shortage of available homes,” added Gailey. “The lack of affordable housing has forced many young buyers to be more flexible in their approach to the housing market and consider creative solutions, such as purchasing a home with a friend or family member.”
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