Eighty percent of Gen Z respondents who have
moved in with a romantic partner say that finances and/or logistics
contributed to their decision
SANTA
CLARA, Calif., Feb. 13,
2023 /PRNewswire/ -- Moving in with a romantic
partner is a big step, and one that shouldn't be taken lightly.
However, when it comes to taking the next step in their
relationship, 63% of people who have moved in with a romantic
partner said that their decision was impacted by finances and/or
logistics. Realtor.com® and HarrisX surveyed 3,009
consumers to highlight how today's expensive housing market is
impacting people's love lives.
"Living with a romantic partner might bring a couple closer
together, but it can also magnify potential issues in a
relationship," said 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."
Younger respondents were significantly more likely to be
persuaded by money/logistics with 80% of Gen Z and 76% of
Millennials saying that one or both of these things were a factor
in moving in with a romantic partner. This is compared to 56% of
Gen X, 44% of Baby Boomers who said the same thing.
Will you be my… roommate?
Unsurprisingly, among those
who factored finances and/or logistics into their decision to move
in with a partner, Gen Z respondents (56%) – who have faced
notoriously high housing costs in their lifetime – were the most
likely to say that saving money by splitting the rent/mortgage was
a contributing factor. Additionally, 70% of all respondents who
have moved in with a partner reported that they were able to save
money by moving in. The most common amounts saved per month
were:
- $1- $500 (27%)
- $501 - $1,000 (20%)
- $1,001 - $2,000 (13%)
- $2,001 - $5,000 (6%)
- More than $5,000 (4%)
A significant percentage of respondents who have moved in with a
partner moved into a home that one person already rented (37%) or
owned (21%), while 30% decided to start fresh with a new rental and
9% took the leap directly into buying a home together.
Don't go breaking my heart
Not all relationships work
out and living with a partner isn't always easy. Forty-two percent
of people who have moved in with a romantic partner ended up
regretting the move. Reasons included:
- The relationship didn't work out (48%)
- We moved too fast/rushed the decision (31%)
- Realized we weren't compatible for co-living (27%)
- It made it harder to break up (26%)
- When we broke up it was stressful to divide the things that we
had purchased together (22%)
- The stress of living together hurt our relationship (22%)
- The logistics of moving out after a breakup were too difficult
(19%)
- We broke up soon after moving in together (17%)
"When you're renting or purchasing real estate together, it's
important to make sure you're both financially protected," said
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."
Will you accept this contract?
Nearly a third (31%) of
survey respondents who have moved in with a partner signed a
contract outlining what would happen in the event of a break-up.
Younger respondents were significantly more likely to have signed a
contract, with 54% of Gen Z and 47% of Millennials doing so. This
suggests that younger generations might be more financially and/or
legally savvy and understand the importance of protecting their
investments.
Methodology
The survey was conducted online from
Feb. 1-4, 2023 among 3,009 adults in
the U.S. by HarrisX. The sampling margin of error of this poll is
+/- 1.8 percentage points and larger for subgroups (including those
who have moved in with a partner at +/- 2.3 percentage points). The
results reflect a nationally representative sample of U.S. adults.
Results were weighted for age by gender, region, race/ethnicity,
and income where necessary to align them with their actual
proportions in the population.
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted guide for
consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner
for business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
CONTACT: press@realtor.com
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SOURCE Realtor.com