Adults Buy Houses With Friends For Quick Route To Homeownership

August 1, 2016

A common tip for students and young adults that are short on cash but still want to rent an apartment in a city: Get a few roommates and split expenses.

The same concept applies for buying a house, as some New Yorkers are learning.

The New York Times told the stories of several groups of adults in the Tri-State area who are buying houses with friends and family members.

The arrangements require a lot of trust, flexibility, and openness about financial situations, and things can derail when one party wants to sell, or if the interpersonal relationships within the group go south. But, buying together gives people the chance at homeownership at an earlier stage in life, and it brings about fixer-upper and renting opportunities.

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