Trend: More unmarried couples buying homes together

On behalf of Stange Law Firm, PC posted in Unmarried Couples on Tuesday, May 28, 2013.

Missouri residents have no doubt felt the pinch from the economic downfall that began in 2007. This downfall is still affecting people today and has had a serious impact on homeownership with more couples buying their first house together before getting married.

Coldwell banker recently surveyed couples about their decision to buy a home. The answers showed generational differences with more younger couples deciding to buy first homes before marriage.

According to the survey, 24 perecnt of those between the ages of 18 and 34 bought their home before their marriage. Of those couples age 45 or older, 14 percent bought their first home together before marriage.

In looking at how the economy plays a role in all of this, when the economy went bad, many younger people found themselves out of work — or making less — and moving back in with their own parents. This caused many to have to put life plans — like buying a house — on hold.

But now the economy is getting better. And with interest rates still low and the cost of homes increasing, many are jumping at the chance to buy, regardless of whether they are married.

Of course there is nothing wrong with buying a home together before marriage. However, those unmarried couples who end up breaking up should know they can run into some rather unique challenges when it comes to protecitng property, such as a home.

These types of situations can become quite complicated with partition action being needed. In those cases, it is best to reach out to an attorney with experience handling property issues among unmarried couples in Missouri.

Source: Total Mortgage, “More Unmarried Couples are Purchasing Homes Together,” Steve Cook, May 1, 2013

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