The 1960s and 1970s were one of the most colorful and abundant examples of life together. Younger generations – at that time forming boomer – developed communities who were welcome by everyone who was willing to reject the mainstream culture and escape urbanism.
It was also a cheaper life option. Congregations – hardly affected by the hippie movement, a rejection of the mainstream culture based on peace, love, freedom and individualism – pooled resources for rent, food and care that reduce costs according to one in 1970 Article from The New York Times. The houses were shared among several people to reduce rental costs and to eliminate the need for separate devices, supply companies and other living costs.
Getty Images – Carl Iwasaki
Community life was popular 50 to 60 years ago. Now we are experiencing a revival of Community life that has become increasingly common at gen z– but for very different reasons.
According to a current report of the National mortgage insurance companyAlmost a third of the gene Zers said that they were open to bundling funds and buying a house with friends or family, a practice that is known as a co -purchase. 18% of the millennials said the same thing. A 2024 OpenDoor report In addition, more than three of four first buyers bought their house with parents, siblings, friends, romantic partners and even colleagues.
This is not just a potential trend. Real estate agents and other housing experts told Assets You can already see how this movement appears in your own apartment markets.
Tikok and Instagram Are also filled with videos of gene Z and Millennials who bought houses together.
Common life in the USA
Patti CooperOne in the Fairfield County, Conn. based real estate agent for Coldwell Bankertold Assets The common trend is becoming increasingly popular in your real estate market, as real estate prices have gone up since pandemic. The mortgage interests are still almost 7%And Americans have to make six numbers to afford a medium price house that is currently more than 422,000 US dollarsAccording to the information National Association of Brokers (Nar).
Parents sold their houses and summarized their income with their children to buy single -family houses with separate in -laws, she said. While it can work well, younger generations still want their own space.
“Siblings also buy houses together due to the increasing ratio costs. It is more affordable,” she added. “The other reason is that the debts for student loans make it more difficult to qualify for a mortgage itself.”
Elena Novak, a senior real estate researcher and analyst Property examiner Seat in Massachusetts, also told Assets More gene Z and Millennial buyers have teamed up in the past two years to buy houses.
“First there were two siblings or tight college friends who bundled savings to grab an apartment that nobody could afford alone,” said Novak. “Now I see triads of employees or even small house parts of four people on the hunt.”
“The upswing is unmistakable compared to five years ago,” she continued, “when the purchase was essentially not available outside of married couples.”
Another frequent co-living option for gene cerse, it is said Bar Zakheim barCEO of Better place design and buildingis to build accessories (ADUS) on their parents’ characteristics.
“Mathematics simply do not add up, especially where we are in San Diego, with some of the country’s highest housing costs” Assets. With the purchase or building of an ADU, “it enables you to find a fraction of the cost of buying a home for yourself.”
And although we may not have something like the hippie movement again, we can expect the trend of Gen Z and Millennial purchase to continue, say experts.
“In contrast to the experiments of the counterculture of municipal life of the 1970s, which blossomed in addition to a broader cultural change and then fading with the strengthening of the economy-Mitay’s co-operation is rooted in the hard economy,” said Novak. Signs such as high real estate prices and mortgage interests “indicate that it is more than a fleeting experiment. It is probably a permanent, normalized way to property.”
