Maybe Dorothy, Blanche, Rose and Sophia had it right all along.
We remember the stars from the 1980s television series “The Golden Girls” for their wit and quick comebacks, but also for their unique home arrangement: Living with each other, without spouses or significant others.
Indeed, consider these figures: The median price for existing homes in June was $410,200, near an all-time high, according to the National Association of Realtors. Meanwhile, the average rate on a 30-year mortgage has risen to over 7%, following a series of rate hikes from the Federal Reserve. To be sure, the percentage of people who co-buy with someone other than their spouse or significant other is still a relatively small share of buyers. Currently, it represents about 3% of the housing market, although that rises to 5% among first-time buyers, according to NAR.
“I think this is a very tricky situation that has a decent chance of blowing up,” says Howard Pressman, a financial planner in Vienna, Virginia. “I understand the reasons for wanting to do things in this way, but would be very concerned with how this sort of relationship ages.
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