First-time homebuyers who feel they have been priced out of the market are finding creative solutions. Determined to get a piece of the security and generational wealth that homeownership provides, they are “home hacking”, utilizing downpayment assistance programs, and applying for Community Land Trust homes.

Even so, homebuyers are finding that one income is not enough to keep up with rising costs. The average home sold for $218,000 in 2010. Today that home is $392,000, with a principal and interest payment of $2,497—and that is before taxes, insurance, PMI, and HOA fees.

Innovative homebuyers are looking close to home for trustworthy co-borrowers. In 2024, one in four Gen Z buyers bought their first home with a sibling. By combining income and tackling the ongoing expenses of homeownership together, they are building wealth for their future.

Of course, there are pitfalls and legal considerations that come with buying a home with any co-borrower and you want to maintain a good relationship with your sibling. Experts recommend drawing up a contract beforehand. Spell out how you will hold title, divide expenses, agree on renovations, and ultimately, how you will divide or retain the asset when one or both of you is ready to move on.

Although today’s housing market is challenging, there are solutions and options available to borrowers. Questions? Ask one of our Real Estate Loan Specialists by calling 503-588-0211, option 4 or schedule a call here.

Written by: Elena Christian

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Back to Basics – Homeownership FAQs
The Steps to Preparing to Buy Your First home – And Why it Matters in the End