An MReport article reported that the amount of people that are buying a home together is increasing. According to an CNBC report, high home prices and increasing debt are two factors of this trend. People are struggling to pay off their credit card debt or student loans, so they find people to share the cost of a home. The percentage of people buying homes together has doubled to 4% this year. While this is a small percentage, the trend is still increasing. Also, the amount of unmarried couples that purchase homes together has increased.
Earlier this year, Zillow reported that roughly 20% of homebuyers have student debt. Almost 40% of homebuyers claimed that student debt delayed their ability to buy a home. The Zillow report stated, “Two-thirds of buyers with any kind of debt put down less than 20% when they secure a mortgage, compared with 40% of buyers without debt”. Student debt has doubled in the past 10 years to $1.5 trillion. It impacts about 45 million people. Although the economy is strong and unemployment rates are low, getting a college degree has never been more expensive. More people are borrowing money to get a degree. CNBC believes that purchasing a home with other people is a way to decrease financial stress.
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