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Catalyzing worker co-ops & the solidarity economy

Can Co-Buying Help Solve The Affordability Crisis?

Sitting around a large conference table at an Elevated Title office in South Denver, Ellie Adelman and Jaser Alsharhan are ready to finalize their purchase of a house. It’s the first time either has bought property, and they’re visibly excited, each poised with a pen to begin signing documents.

The two have been roommates since 2018, first in a big house with six other people, and then renting a three-bedroom apartment together for the last two years. Both work in nonprofits, and they were paying $2,500 (plus $75 each for parking) a month to rent. At 2,800 square feet, with five-and-a-half bedrooms and four full bathrooms, the house they’re purchasing together has a mortgage just slightly higher than their previous rent. As long as they can rent out at least one of the rooms, if not two, their living costs will be less than renting.

Adelman and Alsharhan are part of a growing co-buying trend, where two or more unrelated, unmarried people are increasingly purchasing property together. Nationally, co-buying increased by an estimated 771% between 2014 and 2021, gauged roughly by co-owners with different last names, according to the Wall Street Journal.

Read the rest at Next City

 

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