Can’t afford a house? Share one – it’s all the rage

Aly J. Yale
The Mortgage Reports contributor

Home-sharing gets supersized

The number of young adults sharing a home is on the rise – especially with people they’re not related to. According to new data, a whopping 3.3 million home-share with non-relatives, an 80-percent jump over 1990’s stats.

Verify your new rate (Feb 22nd, 2019)

Ramping up roommates

It’s no secret that more and more Millennials are moving in with their parents. But according to new data from the National Association of Home Builders, they’re also taking on more roommates they’re not related to, too.

In fact, data shows that more than 7.5 percent of adults aged 24 to 35 share a home with unrelated housemates. In 1990, that share was just 6 percent.

Adult child living at home: From Mom’s basement to homeownership

According to the most recent data, about 26 percent of young adults live with their parents or relatives.

“Out of these, more than 21 percent, or 9.4 million, live in homes of their parents or parents-in-law and additional 5.2 percent, or 2.3 million, live with other relatives,” reported NAHB’s Natalia Siniavskaia.

Where sharing is highest

Home-sharing is most popular in states with high home prices. Unable to afford a house, many Millennials are taking on unrelated roommates and housemates to share the costs of housing.

Sharing is seen most in California, Hawaii, Colorado, Oregon and New York. In New York, an estimated one in 10 young adults lives with an unrelated roommate.

How to move out of your parents’ house

The highest share of home-sharing crops up in Washington, D.C., where 20 percent of all 25 to 34-year-olds share a home with a non-relative. D.C. also claims the highest share of young adults who are the head of their household. A whopping 45 percent of D.C. Millennials have head-of-household status.

Verify your new rate (Feb 22nd, 2019)

Get today’s mortgage rates

Can’t afford a house on your own? Thinking of sharing costs with a roommate? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Feb 22nd, 2019)