When two incomes make one mortgage possible
For years, the path to homeownership followed a predictable script. You finished school, settled into a job, maybe got married, and then you bought a house together. Lately, though, I’m watching buyers in St. Louis rewrite that story.
More often, I’m working with people who aren’t couples at all. They’re friends who have rented together for years, siblings who get along well enough to share a kitchen, or longtime roommates who are simply tired of watching rent checks disappear every month. Instead of waiting for the “traditional” setup, they’re pooling their resources and buying a home together because it’s what the math allows. And honestly, the math is hard to ignore.
Between prices, interest rates, taxes, and insurance, plenty of responsible adults with good jobs still come up short on their own. One income feels tight. Two incomes open doors. Split the down payment and monthly costs, and ownership suddenly looks a lot more realistic than another year or two of renting.
National surveys back up what I’m seeing locally. About 15 percent of Americans have already co-purchased a home with someone who isn’t a romantic partner, and many say they simply couldn’t have afforded to buy solo. Younger buyers, especially Gen Z and Millennials, are even more open to the idea. For them, teaming up doesn’t feel unusual. It feels practical. In Kirkwood, Maplewood, Webster Groves, and similar neighborhoods, where entry-level home prices can stretch a single income, partnering with another buyer is often the bridge that helps first-time buyers get into the market sooner.
From a logistics standpoint, these purchases are fairly straightforward. Both buyers are on the loan and on the title, and they usually hold the property as tenants in common, meaning each person owns a defined share. Maybe it’s 50/50. Maybe it’s 60/40. The key is that it’s documented and agreed upon from day one. One quick note on ownership structure, because this is where people sometimes gloss over something important. In Missouri, married couples typically take title as tenancy by the entirety, which includes built-in protections for spouses. Friends or siblings don’t have that option, so they usually choose between joint tenancy or tenants in common. Tenants in common is often the safer fit for non-married buyers because each person’s share is clearly defined and can be sold or passed along independently.
The numbers are pretty straightforward. Success with co-buying comes down less to financing and more to clear expectations upfront. Buying with someone you’re not married to is less about the mortgage and more about the agreement. The smartest co-buyers have these conversations early, not at the closing table.
If you’re considering co-buying, start with these questions:
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How will ownership be split?
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Who pays for what each month?
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What happens if one person wants to sell?
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Can one partner buy the other out, and how would you set that price?
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What happens if someone can’t make payments?
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Do you want your share to transfer to the other owner or to your family?
A few red flags to watch for: vague money conversations, uneven financial commitment, or “we’ll figure it out later” thinking around what happens if someone wants to move or sell. Clarity upfront saves a lot of stress down the road. None of this has to be complicated, but it does need to be clear. Co-buying isn’t right for everyone, but for the right pair, it can mean owning now instead of waiting five or ten years. And for many buyers, owning sooner often beats waiting for the “perfect” moment.
If you’re considering buying with a friend, sibling, or partner and want to talk through the pros, the risks, and the smartest way to structure it, I’m always happy to help you think it through. Creative solutions are powerful when they’re set up right from the start.
Karen Moeller
🌐 STLKaren.com
📧 Karen.McNeill@STLRE.com
📞 314.678.7866
About the Author:
Karen Moeller is a St. Louis area REALTOR® with MORE, REALTORS® and a regular contributor to St. Louis Real Estate News, helping clients make informed, data-driven decisions.
