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According to a recent article in USA Today (Millennials Get House, Then Hitched), Millennial couples across the US are actually buying houses together even though they're not married and in some cases they're not even engaged. (Millennials are often described as anyone born between 1979 – 2000; they're also known as Gen Y and Trophy Kids – kids who were rewarded a real or imaginary trophy for everything they did, including finishing in last place in any type of competitive sport.)
The two Millennial couples profiled in the article are from Chicago and Detroit. The Chicago couple is a 28-year-old woman and her 30-year-old boyfriend. They do not live together and they are not engaged; they're simply boyfriend and girlfriend. They're currently house hunting for a condo to purchase no later than June 1 of this year because "they're committed to spending their lives together and determined to buy a condo they can move into" when the girlfriend's lease expires on June 1.
The 28-year-old girlfriend stated that she and her boyfriend "get along really well and want the same things out of life" and they both know that they'll be "married one day." Additionally, the girlfriend's parents are currently helping them make an all-cash offer and stated that they (the parents) are not concerned that the couple is not yet engaged .
The Detroit couple is a 30-year-old woman and her 28-year-old boyfriend. They are engaged, however, the article does not state whether the couple lives together or not. They are currently building a $300,000, four-bedroom starter home with granite countertops.
According to the 28-year-old boyfriend, his parents were "definitely surprised" that the couple was building a home at such a young age. The article went on to say that only 16% of married Americans have not bought a house with their current spouse. (I call that societal pressure for those 16%.)
So, would you buy a house with your girlfriend/boyfriend/significant other if you're only dating or engaged to them? I most certainly would not .
No. Well, let me put it this way - if the plan was to get married - absolutely not. If the plan was to cohabitate forever without getting married - it would depend on where we were in the relationship.
No. Well, let me put it this way - if the plan was to get married - absolutely not. If the plan was to cohabitate forever without getting married - it would depend on where we were in the relationship.
Yep, I agree with this. Some people don't really care about marriage/want to get married, so I suppose that is a decision entirely with them and I understand in that case.
Personally, My boyfriend won't live with me until he is seriously considering getting engaged. We both have expectations for marriage. I would consider buying a home engaged if we had a date set.
I'm so young right now that both BF and I have not much money to lose if we were to split (we have about the same amount in the bank), but if we were to buy a home together in a few years time, we'd better be married or close.
I like to think most people doing this are doing it are fully thinking through if things don't work out, but I dunno.
Forget about why it's a terrible idea financially. Buying a house was so stressful for me, that if we hadn't been married I probably would have broken up with my husband and run for the hills. I can't imagine doing it with someone who wasn't fully committed to me.
We never did get engaged (or married), but we were together for 10 years and parted amicably. We each paid half the down payment, closing costs, and monthly payments, and the house was in both our names. When we separated we easily reached an agreement about how to divide the proceeds from selling.
By the time we had separated we had bought a second house together. I bought out his share of that one.
I don't see why marriage matters to home ownership. People buy property with business partners they are not married to all the time, for example. Having only one person's name on the deed, though, that is a bad idea.
If you buy a house with someone, you have two choices about what happens if one of you dies. You can inherit the other person's share, or their legal heirs can (in the case of someone without spouse or kids, that would be their parents or siblings). It's good to talk about this and figure out which you want, before closing day!
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