In the trenches of an unaffordable housing market, is it love or the perk of saving money that romantic partners are aiming for when considering moving in together? The answer leans toward finances and logistics, according to a recent Realtor.com survey.
Polling 3009 consumers, 63% of respondents’ decision to move in with a romantic partner was impacted by finances and/or logistics. For Gen Z, 80% said that money and/or logistics were a deciding factor in moving in with a partner. Millennials followed with 76%, Gen X with 56%, and baby boomers with 44%.
Gen Z respondents (56%) also said that saving money by splitting rent or a mortgage was a contributing factor in moving in together. Overall, 70% of respondents reported that they were able to save money by moving in together. The monthly savings ranged from 27% saving $1 to $500 and 20% saving $501 to $1,000 to 4% saving more than $5,000.
A large percentage moved into a home that a partner already owned (21%) or rented (37%). Thirty percent decided to start fresh with a new rental, and 9% jumped into homeownership together.
“Living with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship,” says Clare Trapasso, executive news editor, Realtor.com. “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.”
Over 30% of respondents who moved in with a partner said they signed a contract outlining what would happen in the event of a break-up, with Gen Z (54%) and millennials (47%) more likely to do so. Of those who moved in with a romantic partner, 42% said they regretted the move.
Top reasons for regretting moving in with a romantic partner included the relationship didn’t work out (48%); they moved too fast/rushed the decision (31%); realized they were not co-living compatible (27%); or it made it harder to break up (26%).
“When you’re renting or purchasing real estate together, it’s important to make sure you’re both financially protected,” says 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.”
