Younger generations open to turning to friends, family to achieve homeownership

foxbusiness.com:

Mansion Global host and Fox News real estate contributor Katrina Campins weighs in on February housing data and the NAR proposing new commission rules.

Younger Americans who are looking for ways to buy a home in a challenging market are surprisingly open to buying a home with friends who aren't their partner to make it more affordable as well as turning to their family for help making that investment.

High interest rates and limited housing supply have made it a tough market for buyers to find a house that meets their needs, but homeownership remains a top priority for 42% of Americans who don't currently own a home, according to a survey by Credit Karma.

The survey found that over one-third of non-homeowners (35%) would be willing to split the purchase of a home with someone other than their partner – like a friend or a group of friends. That figure jumped to 59% among Gen Z respondents, highlighting younger Americans' willingness to look at less traditional ways of buying a home.

«I think we're just seeing young folks who maybe just feel that homeownership is absolutely not within their reach on one income, or maybe they're partners looking for other ways to get in. There's this new openness to other forms of ownership,» Courtney Alev, consumer financial advocate at Credit Karma, told FOX Business.

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Over half of Gen Z respondents who want to buy a home said they would consider doing so with friends or a friend group. (Photographer: Loren Elliott/Bloomberg via Getty Images / Getty Images)

«There are challenges or complications that might arise when you have several people going in on a property, of course, but I applaud the creativity and