For a lot of first-time home buyers here in Parker, Colorado, the biggest obstacle isn’t the desire to own a home. It’s affordability. But instead of giving up on homeownership, some buyers are finding creative ways to make the numbers work. One strategy that’s becoming more common is co-buying.

The Dream of Homeownership Is Still Very Much Alive.

Younger buyers still want to own a home. In fact, according to FirstHome IQ, homeownership remains one of the top life goals for Gen Z and Millennials.

The challenge is affordability.

About 73% of younger buyers say affordability is the main reason they’ve delayed buying a home. And it’s showing up in the numbers. According to the National Association of Realtors, first-time buyers now account for just 21% of home purchases — the lowest percentage since they started tracking the data back in 1981.

But here’s the good news. Buyers are adapting.

More and more people are teaming up with friends, siblings, or partners to purchase a home together. And for some, it’s becoming the difference between continuing to rent and finally becoming homeowners.

What Is Co-Buying?

Co-buying simply means purchasing a home with someone else you’re not married to. It could be a close friend, a brother or sister, a significant other, or even another family member.

By combining incomes and sharing expenses, buyers may be able to:

  • Qualify for a larger loan

  • Save a down payment faster

  • Lower monthly housing costs

  • Afford a better home or neighborhood

  • Start building equity sooner instead of continuing to rent

And it’s becoming increasingly popular. According to CoBuy.io, more than 64 million Americans currently co-own homes with someone they’re not married to, and nearly one-third of all home purchases now involve co-buyers.

Why Some Buyers Are Choosing This Route

For many first-time buyers, co-buying can create opportunities that simply wouldn’t exist otherwise.

A faster path to homeownership
Saving for a down payment on your own can take years. When two or more people contribute, the timeline often speeds up considerably.

More buying power
Multiple incomes can open the door to homes or neighborhoods that may have been out of reach individually.

Easier loan qualification
Lenders look closely at debt-to-income ratios. Additional income from co-buyers can sometimes help buyers qualify more comfortably.

Potentially lower monthly costs
In some situations, splitting a mortgage payment and expenses can actually cost less than renting.

What Buyers Need To Think About First

While co-buying can be a smart strategy, it’s important to go into it carefully and with the right expectations.

This type of arrangement works best when everyone involved has similar financial goals, communicates well, and fully understands their responsibilities.

Before moving forward, buyers should discuss things like:

  • How expenses will be divided

  • Who will contribute to maintenance and repairs

  • What happens if one person wants to move or sell

  • How equity will be handled in the future

That’s why having a written co-ownership agreement is so important. Think of it as a roadmap that protects everyone involved and helps avoid misunderstandings later on.

Bottom Line

Affordability challenges are real in today’s market, especially for first-time buyers. But that doesn’t necessarily mean homeownership is out of reach.

For some buyers, co-buying is creating a path forward that allows them to stop waiting and start building equity sooner.

If you’ve been wondering whether buying with a friend or family member could work for your situation, let’s talk. We’d be happy to walk you through the pros, the risks, and whether it might make sense for your goals.