Unmarried couples are buying more homes together than ever, report says
Sep 11, 2023, 5:00 PM | Updated: Apr 3, 2024, 9:09 am
More unmarried couples are buying homes together. They make up 18% of all first-time homebuyers, according to a new report. (Canva)
(Canva)
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SALT LAKE CITY — A new report by the National Association of Realtors found that more unmarried couples are buying homes together.
According to the report, unmarried couples make up 18% of all first-time homebuyers for the first time. That’s up from just 4% in 1985.
Certified Financial Planner with Deseret Mutual Benefit Administrators Shane Stewart told KSL NewsRadio’s Dave and Dujanovic that this can be a risky move for homebuyers.
“It’s something that home buyers, if they’re going to go into a relationship like this, … they’re taking [a] risk,” he said. “The legal system, whether you like it or not, is really set up … for a married couple … Even if there’s a divorce, they can sort it … out a little easier.”
Stewart said for those who do choose to take the risk, it’s wise to look at buying the home as a business decision rather than something to do with the relationship.
“Joint ownership with anyone other than a spouse is full of pitfalls,” he said. “And, there are problems that can happen … So, setting it up more business-like, more corporation-like is always recommended.”
One pitfall to joint ownership is it opens up both people to becoming a liability, according to Stewart.
“Meaning if, you know, if two people move in and they buy a home together, then one gets sued, the other can be attached for and or be sued for all of their assets as well,” he said.
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