Housing affordability has gotten so bad that 15% of buyers are purchasing a home with a non-romantic co-buyer. ‘It’s like carpooling for homes’

A new study shows that 15% of Americans have co-purchased a home with a person other than their romantic partner—and another 48% would consider it. (Credit: Getty Images)

The tragic economic plight of the millennial has been extensively documented (although sometimes questioned and debunked). The startling fact of two historic recessions before they turned 40 is contrasted with the refrain baby boomers had to weather high interest rates and economic downturns, too. But two stark facts support the narrative that the generation entering homebuying age has terrible economic luck (again): the level of affordability and the competition with older buyers.

The housing market is the least affordable it’s been since 1984, and the baby boomer generation, which struggled to get off its feet in the ’80s, has the cash and the equity today to muscle millennials out. In fact, recent data shows the median age of a U.S. homeowner is 59 years old. Enter “carpooling for homes.”