Millennial and Gen Z homebuyers turn to co-ownership due to rising home prices, pushing first-time buyers' average age to 35.
Millennial and Gen Z homebuyers are increasingly turning to co-ownership as a solution to rising home prices, which have pushed the average age of first-time buyers from 31 to 35. Many are co-buying with friends or family, with around 15% of Americans having co-purchased a home. This trend allows them to share costs and risks, making homeownership more attainable amid market challenges.
September 18, 2024
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