Co-Homeownership Helping Make the American Dream Possible
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Gen Z homeowners and their parents are turning to co-ownership to combat soaring housing costs. This trend allows multiple people to pool their money and purchase a home, distributing expenses and borrowing power among several sources of income.
Gen Z homeowners and their parents are banding together to buy homes. Co-ownership is growing in popularity due to high housing costs. According to a recent survey, 32% of Gen Z buyers and 18% of Millennials are considering co-buying. Co-ownership can be done through joint tenancy or tenancy in common. Joint tenancy distributes ownership equally, while tenancy in common determines ownership shares based on monetary contributions. Many families are using co-ownership to purchase homes, with older parents moving in with their children. Real estate experts recommend setting and recording regulations before purchasing a home together.
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