As home-buying costs continue to rise, first-time homebuyers are finding it challenging to enter the market. Some are turning to co-buying as a solution.

A study reveals that nearly 15% of Americans have co-purchased a home with a non-romantic partner. Additionally, nearly 7 in 10 Gen-Z homebuyers say they would consider co-buying with a friend.

However, experts caution first-time homeowners about the shared responsibilities that come with a mortgage and other home-owning costs.

NerdWallet recommends those planning to co-buy a home have a legally binding agreement. This agreement should outline how the home will be used, how finances will be divided and what will happen to the property if one person decides to leave.

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