Between 2014-2021, real estate data obtained by The Wall Street Journal shows the number of co-buyers with different surnames soared by 771%.
As young people face stagnant wages and soaring home costs, millennials are co-buying property with their friends to attain homeownership.
“I think that kind of inspired us as we were like, ‘Oh, hey, that seems like a great idea,’” Howell, 32, said. As young adults face increasing home costs coupled with stagnant wages and significant student debt, millennials —Millennial homeownership trendsIt’s a trend that signals the lack of affordable housing options, according to Dejan Eskic, a senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute.
Howell said he would not have been able to afford the down payment of his new $460,000 single-family home in Salt Lake City without the gains he made from selling the first property with a friend. Stonehill, who works as a chemical engineer, however, has some regrets about selling the house during the COVID-19 crisis. After selling the home in April for almost triple the amount he and his roommate originally bought it for, Stonehill now feels priced out of the housing market. Looking to move back to Salt Lake City, he plans to buy a duplex with a friend.
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