AUSTIN, Texas — More unmarried couples are saying "I do" to buying a home together. According to the National Association of Realtors, 17% of first-time homebuyers are unmarried couples, and the percentage is going up at a historic rate.
Hope Teel and her boyfriend, Sam Colt, are remolding their newly purchased home in the Jester Estates in northwest Austin. The couple has been dating for a year-and-a-half.
"Marriage was at the forefront of the plans but, you know, the way prices are going in Austin you have to weigh what's most important. Do you invest in a home to pave the way for the future or do you give the heart what it wants and get married?" said Teel.
That is what a lot of unmarried couples in Austin are faced with.
Re/Max Posh Properties franchise owner and broker MaryAnne McMahon said 30% of business is coming from unmarried millennials.
"I think it really takes two incomes if you want to get a particular home," said McMahon.
Buying a home in Austin costs a lot more than when your grandparents were doing it. McMahon said right now the median cost to buy a home is around $400,000.
"What if it's a bad breakup? What happens?" said McMahon.
McMahon said to prevent any confusion, get a lawyer to draft an estate agreement before buying a home as an unmarried couple.
Teel and Colt said with interest rates being so low and faith in their love being so high, they feel they made the right choice.
"It's all how you feel, and it has got to be something that feels right to you," said Colt. "If you are feeling overwhelmed, maybe it is not the right decision. Then maybe you should question it."
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