The 1960s and 1970s are one of the most colorful and richest examples Public life. The younger generation – the treasure tide of the time – developed the commune, who welcomed anyone willing to reject mainstream culture and escape urbanism.
This is also a low-cost life choice. According to a 1970 1970 statement, the commune – influenced by the hippie movement, rejecting mainstream culture based on peace, love, freedom and individualism – occupied resources for rent, food and utilities, reducing costs article go through The New York Times. Houses are shared among several people, reducing rental costs and eliminating the need for separate appliances, utilities and other living expenses.
Getty Images – Carl Iwasaki
Public life was very popular 50 to 60 years ago. Now, we’ve witnessed it Public life, Generation Z has become more and more common– But for different reasons.
According to the recent Report Depend on National Mortgage Insurance CompanyNearly one-third of Zers said they are willing to pool funds and buy a home with friends or family, a practice called co-buying. 18% of millennials say the same. Opendoor 2024 Report It also said that more than three out of three-quarters of first-time home buyers have purchased the home with parents, siblings, friends, romantic partners and even colleagues.
This is not only a possible trend. Real estate agents and other housing experts tell wealth They have seen the movement appear in their own housing market.
Tiktok and Instagram Also full of videos of Gen Z buying a home together with millennials.
Public life in the whole of America
Patti Coopera real estate agent in Fairfield County, Connecticut Coldwell Banker,Tell wealth As home prices have been priced since the pandemic, the trend of co-buying has become increasingly popular in her housing market. Mortgage rates are still close to 7%Americans need to earn six figures to afford median homes, currently Over $422,000,according to National Association of Real Estate Brokers (NAR).
She said parents have sold the home and merged their income with their children to buy a single-family home in a separate in-laws apartment. Even though it works well, the younger generation still wants their own space.
“Si sisters are also buying a home together because of the rising rental costs. This is more affordable,” she added. “Another reason is that student loan debt makes it difficult for them to qualify for their own mortgage.”
Elena Novak, Chief Real Estate Researcher and Analyst Property Checker Headquartered in Massachusetts, also told wealth Gen Z and millennial buyers have been “unity” to buy homes for the past two years.
“At first, it was two siblings or close college friends, who raised savings to grab a condo that neither could afford,” Novak said. “Now, I see colleagues in three, and even the tiny house on a four-person hunt.”
She continued: “It was clear compared to five years ago that buying married couples that were essentially nonexistent at the time.”
Another common symbiotic option for Gen Zers, according to Zachheim BarCEO Better location design and constructionis to build an attached residential unit (ADU) on its parent’s property.
Zachim told wealth. Co-purchasing or building ADUs “allows them to find housing solutions for themselves at a fraction of the cost of buying a home.”
Experts say that while we may not have anything like the hippie sports anymore, we can expect the trend of buying together Gen Z and millennials to continue.
“Unlike the counterculture co-living experiment in the 1970s, the experiment bloomed with a wider cultural shift and then faded as the economy grew – Tady’s co-buying stemmed from hard economics,” Novak said. “The key points of co-buying are not just short-lived experiments.”
