The new American Dream? As they get married later, almost two thirds of Gen Z and millennials would buy a home with a friend to cut costs

While buying a home may have traditionally been reserved for couples or those starting a family together, this is becoming something of the past. 

Sharing a home purchase is no longer just a romantic venture - but can be a pragmatic investment with a friend, family member or even a colleague. 

Americans are settling down later in life, amid a shift in generational values around marriage and having kids. They are also facing record high prices.

It means they have to buy a house on their own - or find someone else to go halves with as might have done a wife or husband before. 

And a new study has revealed that the latter is just what they are doing - almost two-thirds of Americans would buy a home with a friend to cut costs. 

Sharing a home purchase is no longer just a romantic venture - but can be a pragmatic investment with a friend, family member or even a colleague

People who split a mortgage with someone other than a romantic partner see it as a chance to afford a better property and as a way to build equity, according to the study from insurance agency JW Surety Bonds. 

It comes as Americans look for increasingly creative ways to get on the property ladder, amid soaring mortgage rates and rising home prices. 

According to the study, nearly 15 percent of Americans have co-purchased a home with a person other than a partner or spouse. 

And some 48 percent of those surveyed said they would consider it. 

Americans are most interested in buying a home with a friend, the study found, with 61 percent saying they would be their preferred co-buyer.

Some 57 percent said they would buy with a sibling, just under half said they would purchase a home with a parent, and 27 percent said they would split a mortgage with an extended family member. 

Americans are most interested in buying a home with a friend, with 61 percent saying they would be their preferred co-buyer

Gen Z were the group of Americans who were most interested in co-buying with a friend - with 70 percent of people saying they would consider it. 

Those who had bought a home with someone other than a romantic partner had invested an average of $89,484, the study found. 

Sharing costs was the main reason people would consider co-buying a home, according to JW Surety Bonds, whether the plan was to live in the property or lease it out to make passive rental income. 

Some 54 percent of Americans saw it as an investment opportunity, while over a quarter of people saw potential tax benefits. 

Others saw more personal benefits, including sharing responsibilities and strengthening relationships. 

But the biggest drawback among potential homebuyers was interpersonal conflict, which 79 percent of Americans cited as a concern. 

Legal and financial complications were the next most common concerns, according to the study.

For example, if one person in the agreement fails to pay part of the mortgage payments, it could damage the credit score of the other person.

Sharing costs was the main reason people would consider co-buying a home, according to JW Surety Bonds

It comes as many Americans are looking for increasingly creative routes to homeownership. 

While mortgage rates have dipped below highs of near-8 percent last year, the average 30-year fixed-rate mortgage is still elevated at 6.88 percent, according to latest Freddie Mac figures. 

Over the last year, the US housing market gained a huge $2 trillion, amid a historic shortage of homes for sale.

The average home value rose more than $20,000 and is now worth $495,183 as of December 2023, up from $474,740 a year earlier - pricing many Americans out of the market. 

Some priced-out buyers are hacking the housing market by snapping up crumbling historic homes for as little as $25,000.

Some young Americans are choosing to live with their parents to save up money to buy their own place. 

And a polyamorous woman who lives with her husband and her boyfriend has revealed how opening up her marriage finally helped her achieve financial freedom as she and her two partners embark on buying a house together.