This Valentine’s Day, couples may want to rethink traditional romantic gestures. A growing trend suggests that asking, “Will you buy a house with me?” could be more prudent than proposing marriage.
With unmarried couples representing a significant portion of first-time home buyers—11% of total buyers and 18% of first timers—recent statistics show that approximately 555,000 unmarried couples purchased homes in the U.S. in 2022, a 46% increase from a decade ago.
As homeownership continues to gain traction among these couples, experts emphasize the importance of clear agreements to protect their investments.
According to the National Association of Homebuyers statistics, although most homebuyers are married couples (61%), about 11% are unmarried couples. Those couples also represent 18% of first-time buyers.
According to a Wall Street Journal analysis of Census Bureau data, approximately 555,000 unmarried couples purchased homes in 2022. This figure represents a 46% increase from a decade earlier when nearly 381,000 couples bought homes.
The percentage of unmarried couples purchasing homes has increased steadily over the past two decades. According to the National Association of Realtors, these couples now account for three times the housing market share compared to the mid-1980s.
Down payment vs. wedding cost
And since nearly 50 percent of all marriages in the United States end in divorce or separation, spending money for a house down payment might be a better investment than a wedding.
It’s likely cheaper, too.
According to The Knot, a global company that provides wedding planning tools, the average U.S. wedding costs $35,000 (in Colorado, it’s $34,000).
Nationally, with a median price of $427,000, an average 3% down payment of $12,807 is less than half the average wedding cost.
In the Denver metro, with a median price of $580,000, a 3% down payment of $17,400 is just over half the average wedding cost in Colorado.
Protecting your interests
Christine Dupont-Patz, broker and co-owner of RE/MAX Cherry Creek in Denver, said that whether couples buy a house before or after marriage, they must discuss ownership structures and consider prenuptial agreements to protect their interests.
“I know a lot of people don’t like to think about a pre-nup because that makes them think they’re planning for a divorce,” Dupont-Patz said.
Unmarried couples are typically younger, first-time buyers, she said.
“I get the sense they are pooling everything together,” Dupont-Patz said. “They are finishing graduate school and starting a new job. All these things are happening and they are ready to get started.”
Unmarried couples in Colorado often buy homes as “tenants in common,” allowing each partner to have a designated share of the property, which may not be equal but protects their interests.
Another option is to choose a “joint tenancy,” which indicates equal ownership and automatically passes the deceased partner’s share to the surviving partner if one dies.
No matter which ownership method unmarried couples choose, they need a written agreement detailing ownership shares, responsibilities, and the approach for selling or dividing the property in case of a breakup or death.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
