The Rise of Co-Ownership

With the increasing cost of living and housing prices outpacing wage growth, many individuals, especially younger generations, are exploring alternative paths to homeownership. Co-owning a home with friends has become a viable solution for those looking to share the financial burden while still enjoying the benefits of home ownership.

For the millennial generation, buying a home as a couple or alone is still preferred, but 14% have decided to purchase a home with their friends. This is a significant increase compared to past generations, with Baby Boomers at just 1% and Gen X at 4% for purchasing homes with friends. This shift presents an opportunity for builders and developers to innovate and adapt home designs to meet the needs of this emerging demographic.

As more people consider buying homes with friends, the design of new homes must adapt to this evolving reality. One of the most important features is the inclusion of dual master suites. These spaces provide equal comfort and privacy for co-owners, ensuring that both parties have their own sanctuary within the shared home. Dual master suites typically include ensuite bathrooms and ample closet space, offering a level of independence within the co-ownership model.

Common areas, such as kitchens and living rooms, should be spacious and flexible, allowing for shared activities without compromising personal space. Co-ownership often appeals to those who value community and shared experiences. By offering community-oriented amenities, such as co-working spaces, communal gardens, and recreational facilities it can foster a sense of belonging among residents.

By designing homes that cater to the needs of co-owners, builders can offer innovative solutions that reflect the changing nature of homeownership. WHA has been prototyping various design solutions for this new demographic; we look forward to seeing these take shape in new communities.