Why Millennials Are Buying Houses with Their Friends - Home & Texture
Homeownership Home Buying with Friends

House Trends: Why Millennials Are Buying Houses with Their Friends

Millennials are redefining modern homeownership by buying houses with their besties.

By
March 18, 2024 at 4:18 PM PST
Homeownership Home Buying with Friends

House Trends: Why Millennials Are Buying Houses with Their Friends

Millennials are redefining modern homeownership by buying houses with their besties.

By
March 18, 2024 at 4:18 PM PST

Purchasing a home as a millennial can feel like an impossible task. We’re in an era where the housing market is increasingly out of reach for many. When asked about the current housing market, Metro Atlanta-based real estate agent Nia Jordan tells Home & Texture, “In recent years, increasing housing prices have pushed buyers out of the market at alarming rates.”

However, a new trend is taking root, reshaping our traditional views of homeownership. Gone are the days when buying a home was a milestone reserved for married couples or solo buyers. Today, a growing number of people are choosing to buy properties with their friends, speaking volumes about the evolving homeownership landscape and the concept of home.

Friends buying houses
Photo Credit: Alex Starnes

Splitting the Bill, Doubling the Fun

The genius hack of going in with friends to purchase a house is a game changer. It’s like splitting the tab at your favorite brunch spot. You’ll be sharing mortgage payments, maintenance costs, and decor expenses.

“Buying a house with a friend is a genius way to make homeownership more affordable when it may be otherwise unattainable,” says Jordan.

Building a Life Together

But it’s not all about the money. This trend, at its heart, is about people craving connection. Your besties will be just a room away, ready for late-night chats, impromptu movie nights, or just being there when you’ve had a rough day.

This trend is a throwback to our roots: living in close-knit communities and building a life that’s rich in community, not just property equity.

friends buying houses together
Photo Credit: Gustavo Fring

Things To Consider

Buying a house with friends does come with its own set of considerations. Since you’re mixing friendship with finances, it’s crucial to have those awkward money talks upfront. Drafting a co-ownership agreement might not be the most exciting part of the journey, but it’s the key to making sure this adventure strengthens bonds rather than test them. Legal contracts detailing ownership percentages, exit strategies, and rules for living together are essential.

“As long as both friends are clear about their exit strategy if and when they’re ready to move on, I think more people should consider this as an option to make homeownership a reality,” Jordan shares.



homeownership

Home is a safe place where relationships flourish and the cornerstone of neighborhoods. We believe it’s the setting that surrounds your phenomenal story.


FOLLOW ALONG ON INSTAGRAM

#homeandtexture

Find us on social for more home inspiration where culture, personal style, and sophisticated shopping intersect to help you create a home where you love to live.