Article by Terri Williams (Real Simple)
Featured Expertise by Jason Gelios
Even though the real estate market is finally slowing down, this change is not reflected in the price of homes. In fact, home prices and the total cost of homeownership continue to be more expensive every year—and that doesn't necessarily factor in all the hidden costs beyond just the down payment.
In fact, a July 2022 report by Attom, a property data provider, reveals that profits for home sellers surged in the midst of a new round of price spikes, and median home prices are up in almost every U.S. metro area.
With homeownership becoming more out of reach, some millennials and members of Gen Z are looking at other ways to purchase a home—such as getting assistance from parents and grandparents. According to Vanessa Famulener at HomeLight, 43 percent of agents say they've seen an increase in non-romantic co-buyers, including parents, grandparents and adult children. "As homes become less affordable on the average family income, buyers are seeking out 'co-buyers' who aren't their romantic partner to split costs and share the load," she says. "In particular, first-time buyers are struggling the most to compete in this market, and are relying on loans from their parents and grandparents to scrounge up enough cash to buy a home."
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.