As mortgage rates soar, Gen Z is embracing a novel solution to home affordability: buying homes with siblings. Co-purchasing has surged to 22-30% among Gen Z buyers, way up from 4% in 2023. While the overall housing market presents challenges, including rising rates currently at 6.93%, many potential homebuyers find it increasingly difficult to enter the market alone. Renting has become more common, and many first-time buyers feel they cannot afford home ownership, leading to a trend of sharing financial burdens with family members.
"An amazing 22-30% of Gen Z home buyers are co-purchasing a home with a sibling, a significant increase from just 4% in 2023."
"With mortgage rates hitting 6.93% for a 30-year fixed, fewer Americans can actually afford a mortgage, raising concerns over housing affordability."
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