Collective Homeownership…Really?
Now here’s an idea to beat the housing crisis blues: collective homeownership. Yep, that’s right. You and a friend, or you and your spouse and another couple, find a home and purchase it together.
National Public Radio’s Marketplace program featured a story about two Brooklyn couples who are now proud owners of a home. Together. And some housing experts say that these couples might be crazy like foxes:
“…collective home ownership is not totally insane. And here’s why: Mortgage rates are at an all-time low. Rents continue to rise. And banks, well, if you haven’t heard the news, they’re not handing out many loans these days. So to get the home you want, in the neighborhood you want to live in, pooling financial resources can actually make sense.”
Now, my husband and I have never even vacationed with friends–let alone lived with them. But the idea might have merit under the right circumstances. The couples profiled by NPR lived in a darned expensive housing market, and this arrangement made their homeownership dream a reality.
What about you? Could you live harmoniously with three or more other people in a home you all owned together? Is this an option that would make sense?
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