With prices on the rise and the average break-even horizon on buying a home (as opposed to renting) hovering around two and a half years, it shouldn’t be surprising to learn that more unmarried couples in Philadelphia are buying homes together. It’s expensive out there!
Nationally, researchers at Zillow contend that 15 percent of all young homebuyers are unmarried couples. That number is up from 11 percent in 2005. Locally, 23.4 percent of all young homebuyers are unmarried couples. In 2005, that number was 15.7 percent. Worth noting that Zillow defines “young” as between 24 and 35. Sorry, mid-30s.
The same research reports that young single homebuyers are down in Philly. Where about 37.5 percent of buyers were young and single in 2005, now that number is 22.1 percent. With prices on the rise, it makes sense that buyers might need to cohabitate to make the numbers work.
Check out all the heathen homebuyers at the full report here.
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