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Roomie Real Estate: Split Mortgages Gain Traction in MN

Roomie Real Estate: Split Mortgages Gain Traction in MN

In Minnesota, non-traditional homeownership is on the rise as individuals opt to split the cost of a mortgage with people other than their romantic partners. Approximately 15% of Americans have already bought a home in this manner, with roughly half open to the idea. These co-owning arrangements offer financial benefits and foster a communal living experience, as seen in the "takes-a-village" situation described by Casey Epstein. Dodge County has seen a 16% increase in co-buying transactions among non-married couples. While the financial incentives are clear, such as sharing the cost of essentials, the emotional support and sense of community are also significant factors. However, co-buying does come with risks, such as the impact of one owner's financial missteps on others. The trend reflects a broader issue where renters and homeowners are foregoing essentials to afford housing.

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