*According to a new survey from Realtor.com and HarrisX, unwed couples are shacking up to save money amid soaring rental costs across the nation.
“Living with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship,” said Clare Trapasso, executive news editor, Realtor.com in a news release, Essence reports.
“While the idea of splitting the rent or mortgage can be very attractive, it’s important to have tough conversations with your partner and think through how living together will work before you take the plunge,” Trapasso continued.
The average rent price is reportedly above $2,000 a month in cities across the county. In Los Angeles, the median price for rent is $3,400.
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According to NPR, rent in cities like Austin, Seattle, and Cincinnati is up by 30%.
Per Essence, citing the Realtor.com and HarrisX report, “younger respondents were significantly more likely to be persuaded by money with 80% of Gen Z and 76% of Millennials saying that one or both of these things were a factor in moving in with a romantic partner,” the outlet writes.
“When you’re renting or purchasing real estate together, it’s important to make sure you’re both financially protected,” said Trapasso. “For example, if you’re buying a home together as an unmarried couple, it may be a good idea to chat with a real estate attorney first to figure out what would happen with the home in the event that you broke up.”
Meanwhile, renting remains more feasible for would-be homebuyers.
“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr. “These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”
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