Friends Unite to Conquer the Housing Market: Co-Buying Homes on the Rise

Friendship Homes: Unconventional Buyers Team Up to Beat the Market In a bold move to overcome the housing market's affordability crisis, friends are increasingly teaming up to buy homes together. This unconventional approach has gained momentum in recent years, with many young professionals and families turning to their closest friends for support. According to data from the National Association of Realtors, home prices have risen by 56% since February 2020, making it difficult for individuals to secure a mortgage on their own. With too few homes available and high demand driving up prices, friends are finding creative ways to make homeownership a reality. Tammy Kremer and Hayley Currier, two friends from California, are among the growing number of people purchasing homes together. "We've known each other since college, and we both wanted to buy a home in the same area," said Kremer. "It made sense for us to team up and split the costs." Their decision was motivated by the rising cost of living in the Bay Area, where housing prices have skyrocketed in recent years. By pooling their resources and sharing the financial burden, Kremer and Currier were able to secure a mortgage on a beautiful three-bedroom home in Oakland. The trend is not limited to California. Friends across the country are following suit, with many citing affordability concerns as the primary reason for their decision. "We're seeing more and more friends teaming up to buy homes," said Emily Bogle, a real estate agent based in New York City. "It's become a viable option for people who want to own a home but can't afford it on their own." The supply shortage driving up housing prices is attributed to several factors, including a lag in home building, rising construction costs, and high mortgage rates that discourage current homeowners from moving and giving up their lower-rate mortgages. While the idea of buying a home with friends may seem unconventional, experts say it's becoming increasingly common. "It's not just about splitting the costs; it's also about sharing the responsibilities of homeownership," said Bogle. "Friends can support each other through the ups and downs of owning a home." As the housing market continues to evolve, one thing is clear: friends are finding creative ways to make homeownership a reality. With more people turning to unconventional approaches like buying homes with friends, it's likely that this trend will continue to grow in the coming years. Current Status: The number of friends teaming up to buy homes is on the rise, with many citing affordability concerns as the primary reason for their decision. As the housing market continues to evolve, experts predict that this trend will only continue to grow. Next Developments: As more people turn to unconventional approaches like buying homes with friends, it's likely that we'll see a shift in the way homeownership is perceived and approached. With rising housing prices showing no signs of slowing down, friends may be the key to making homeownership a reality for many young professionals and families. *Reporting by Npr.*