Home purchasing

Poll: Buying a house doesn’t require love

Once considered a prerequisite to buying a home, more and more couples are forgoing marriage and choosing to buy a home as partners rather than husband and wife.

This new surveycarried out by a market research and consulting company HarrisX for real estate agent.com—aims to find the motivations of unique buyers and with whom they choose to buy a home.

Overall, 76% of respondents thought the ideal age to buy a home was 35, but with the median home price eclipsing the $380,000 mark, it’s not always possible to go in alone. in the home buying process. According to the report, 31% of all Americans and 41% of 18-34 year olds have purchased a primary residence with someone they are not married to.

Another interesting fact, and perhaps more indicative of the future market, is that 55% of Americans and 68% of 18-34 year olds would think about it.

“With soaring house prices in recent years, it has become even more difficult to break into the housing market for first-time buyers. Many buyers have needed more than one income to afford a home , especially since rising rents can eat away at their down payment savings,” said Claire Trapasso, associate editor of Realtor.com. “However, the pandemic has delayed many weddings. And rising prices have forced some couples to choose between saving to become homeowners or having the big day. This has led to many unmarried couples, as well as extended families and friends , to pool their resources so that they can afford to become owners.”

So who do people move in with? The most popular choice is with a romantic partner, but close friends and family were also popular choices. As previously reported, 55% of Americans were willing to buy a home with someone they are not related to; here’s who people choose to move in with: romantic partner, neither engaged nor married (27%); child, niece/nephew or younger relative (20%); parent, grandparent or older relative (17%); brother or sister, cousin or relative of the same age (16%); friend (10%); or a roommate (7%).

The top reasons people pool their resources and buy a home with someone they are not married to are: to start building up equity earlier (32%); buy in a better location (31%); buy a bigger house (31%), buy a more modern house (31%); pool resources to enter the housing market earlier (27%).

“Americans say the most important aspect of being ready to buy a home is more about money than relationship status,” the survey concluded. “The top milestones mentioned were feeling financially ready (71%), feeling professionally stable (63%), and having enough money saved for a down payment (61%). career and money were cited 2-3 times more often than being married or in a serious relationship.