SANTA CLARA, Calif.,
Feb. 9, 2022 /PRNewswire/
-- Love isn't in the air with every homebuyer, and many are
making the decision to dive into homeownership without putting a
ring on it. Realtor.com® today released the results of a
new survey with HarrisX which found that homebuying isn't just for
married couples. Nearly one third (31%) of all Americans and 41% of
18-34 year-olds have bought a primary residence with someone they
aren't married to. Perhaps even more telling – 55% of Americans and
68% of 18-34 year-olds would consider it.
"With home prices skyrocketing in recent years, it's become even
more challenging to break into the housing market for first-time
buyers. Many buyers have needed more than one income to afford a
home, especially as rising rents may be eating into their down
payment savings," said Clare
Trapasso, Deputy News Editor, Realtor.com®.
"However, the pandemic delayed many weddings. And rising prices
forced some couples to choose between saving to become homeowners
versus having the big day. This has resulted in many unmarried
couples, as well as extended families and friends, pooling their
resources together so they can afford to become homeowners."
Teaming up to break into the market
More than three
quarters (76%) of survey respondents said that the optimal age to
buy a home is before the age of 35 – but it's not easy to go it
alone. In order to break into a housing market with sky-high prices
and limited homes for sale, many Americans are open to buying with
friends, roommates and even extended family members. Who's buying
together? The most common co-buyers are romantic partners, but
friends, extended family and even roommates are buying together.
Here are the most likely candidates:
- Romantic partner, not engaged or married (15%)
- Parent, grandparent or older relative (6%)
- Child, niece/nephew or younger relative (5%)
- Sibling, cousin or relative of a similar age (4%)
- Roommate (4%)
- Friend (4%)
Would you buy a home with grandma?
The majority of
people surveyed (55%) would be open to buying a home with someone
they're not married to. Here's who they would consider buying
with:
- Romantic partner, not engaged or married (27%)
- Child, niece/nephew or younger relative (20%)
- Parent, grandparent or older relative (17%)
- Sibling, cousin or relative of a similar age (16%)
- Friend (10%)
- Roommate (7%)
Pooling resources can make it easier to buy
Two heads
are often better than one, and so are two salaries. Here are the
reasons that so many people are open to buying a home with someone
other than a spouse:
- Starting to build equity sooner (32%)
- Buying in a better location (31%)
- Buying a bigger home (31%)
- Buying a more updated home (31%)
- Pooling resources to get into the housing market sooner
(27%)
No partner? No problem. Finances are most important in
feeling ready to buy a home
Americans say the most important
aspect of being ready to buy a home is more about money than
relationship status. The top milestones mentioned were feeling
financially ready (71%), feeling stable career-wise (63%) and
having enough money saved for a down payment (61%). These career-
and money-oriented milestones were cited 2x to 3x more often than
being married or in a serious relationship.
Search together, or get feedback from friends and
family
Whether buying with a partner, a friend, or going
solo, Realtor.com® offers unique product features to
streamline and simplify the process of finding the perfect home.
Collaborate & share features let home shoppers work
together with a partner in a shared search or ask for input from
friends and family, all while keeping track of the details in one
convenient spot.
Users can invite a co-buyer or renter from the "buyer profile"
tab in their Realtor.com® account or by clicking the
"collaborate" button at the top of their saved homes list. No
co-buyer? No problem. To request one-off input from friends,
family, and even your real estate agent, simply click "share" on a
listing and enter email addresses, phone numbers or social media
handles.
Survey methodology:
This survey was conducted online
within the United States from
Jan. 31 - Feb. 1 among 1,003 adults
by HarrisX. The sampling margin of error of this poll is plus or
minus 3.1 percentage points. The results reflect a nationally
representative sample of U.S. adults. Results were weighted for age
by gender, region, race/ethnicity, and income where necessary to
align them with their actual proportions in the population.
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 20 years ago, and today through
its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. Using
proprietary data science and machine learning technology,
Realtor.com® pairs buyers and sellers with local agents
in their market, helping take the guesswork out of buying and
selling a home. For professionals, Realtor.com® is a
trusted provider of consumer connections and branding solutions
that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit Realtor.com®.
Media Contact
nicole.murphy@move.com
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SOURCE Realtor.com