Many Millennials are getting married later in life than did past generations, but this lifestyle choice is not hampering their desire to buy their first home with a partner.
2017 saw the all-time highest share of unmarried couples as first-time homebuyers at 16 percent, reports the National Association of Realtors; singles accounted for 25 percent of first-timers. The NAR adds that the median first home price for unmarried couple is $177,000. Jessica Lautz, NAR managing director of survey research, says, "It's absolutely a trend. People feel fine purchasing a home without a ring." Estate planning experts tell CNBC that homeowner couples should be mindful of the logistics, "The main question you should ask is, 'If one of us dies, where does the house go?'"
Meg Taylor and Phillip Mitchell started dating in 2014. Within a few weeks, people were joking that they acted like a married couple. But they weren't ready to walk down the aisle. They were, however, ready to become homeowners. The couple bought a five-bedroom brown house with a bright red door in Glastonbury, Connecticut, where they had grown up. “We are definitely committed to each other; it didn't matter which one we did first,” said Taylor, 28, referring to getting married or buying a house.
