Ultimate sleepovers: Home co-ownership between friends, family increases

by Renata

It’s no secret that home prices have been concerningly high as of late. The sticker shock has many Americans doing something a little different – buying a property with a friend.

According to a survey from JW Surety Bonds at the beginning of this year, so-called home co-ownership is on the rise all across America. The term home co-ownership specifically refers to at least two, non-romantic partners who have decided to purchase a home together.

In JW Surety Bonds’ estimations, 13% of Americans have taken the plunge into co-ownership. Of those who were single Americans, 29% purchased a home with a parent, 26% did so with a sibling, and another 26% did so with a friend.

One of the big benefits of entering into such a situation is savings. The greatest perceived advantages according to respondents include sharing costs, affording a better home altogether, and greater chances for investment opportunities. Not to mention that almost 1 in 4 of the co-purchase respondents said they could not have afforded the home purchase otherwise.

But perhaps the greatest point to take away from this data is not how many people have taken the leap, but rather how many would consider doing it. According to this survey, 48% of respondents said they would consider this method of co-purchasing. Gen Z expressed the most interest when compared to other generations. Likewise, singles were more open to the idea than married individuals.

Another study from property broker Pacaso shows where in America this trend is surging the most. Pacaso was able to determine that Morgan County, Utah, saw the greatest increase in co-ownership from 2022 to 2023. That area saw a 42.74% increase in the trend. This was followed by three separate counties in Virginia, which saw increases in co-ownership by over 20% each.

Pacaso’s data shows Virginia to be a surprising emerging state for co-ownership. The company’s co-founder and CEO, Austin Allison, attributed this rise to multiple factors, including greater opportunities to work in tech businesses. As Allison said, “Perhaps new tech talent and friends are bunking up to combat the region’s rising prices.”