Millennials value individuality and often defy tradition. But according to a recent analysis from Zillow, the full picture of the American dream has not been lost on Millennials – owning a home still remains one of the largest milestones in adulthood, though many young homebuyers aren't waiting to get married before buying.
According to Zillow, young unmarried couples between the ages of 24-35 account for 15 percent of all homebuyers, up from 11 percent in 2005. As homes prices continue to rise, it is becoming increasingly difficult for young adults to afford a home on their own – the same report found a decrease in the share of single homebuyers since 2005.
“Many singles looking to purchase a home on their own may not make enough money to afford or qualify for a mortgage on their dream home,” says Zillow Chief Economist Dr. Svenja Gudell. “That makes buying a home with a significant other even more appealing, even if marriage isn’t quite part of the picture. Simply put, buying a home is much easier with two incomes. Assuming home value growth continues to outpace income growth, I imagine this trend will continue.”
For more information on this report, visit Zillow's website.