Co-Buyers Bring Big Down Payments, Co-buyers—multiple
“Given that median down payments rose more than four times as fast as median home prices over the past year, it’s not surprising that home buyers are increasingly getting help from co-buyers—often in exchange for a share of their home’s future equity,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.
“Homeownership rates are still hovering around historic lows—even though lenders continue to offer more low down payment options,” says Michael Micheletti, director of corporate communications at Unison, a firm that provides down payment assistance to buyers in exchange for a share of any future increase in the home’s value. “Letting people borrow more doesn’t make buying a home more accessible or affordable.
It’s not surprising that challenging markets buyers are looking at ways to increase their purchasing power, and reduce the amount of debt they are taking on. The sharing, co-buying and co-owning of a home movement will only grow as more millennials and Gen Z enter the marketplace.”
“With interest rates rising and home price appreciation accelerating, current homeowners are increasingly turning to home equity lines of credit rather than refinances to tap their home’s equity. “Homeownership rates are still hovering around historic lows
Given that median down payments rose more than four times as fast as median home prices over the past year, it’s not surprising that homebuyers are increasingly getting help from co-buyers — often in exchange for a share of their home’s future equity.”
Click on picture to see what areas are using this method
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