80% of Couples Got a Joint Mortgage: Survey

At least four in five couples have a joint mortgage with their partner, according to the findings of a new survey.

In a poll released by JW Surety Bonds, 80% of couples surveyed said they have decided to get a joint mortgage with their partner. By relationship status, at least 88% are married, 11% are living together, and 1% are engaged.

The survey also asked couples what led them to share a mortgage. A majority, 73%, cited marriage as their reason. Other couples cited financial stability (32%), desire to share investments (29%), moving in together (20%), and legal or tax benefits (17%).

Some of the most commonly perceived risks of sharing a mortgage were legal complications in the event of a divorce or separation (43%), risk of financial loss in case of a breakup (38%), and financial dependency or imbalance (25%).

The survey polled 1,000 Americans, with the average age of respondents being 43 years old.

US Housing Affordability Crisis

The survey comes as housing affordability in the United States is worsening. Americans hoping to purchase a home today would need to make more than $106,000 to afford a house comfortably. In comparison, the annual household income needed to buy a house comfortable in January 2020, before the COVID-19 pandemic, was $59,000, research from Zillow showed.

Homeownership is considered affordable if the buyer does not need to spend more than 30% of their pre-tax income to pay for housing costs, which includes mortgage payments. At the time of the study, mortgage rates were at 6.6%. The rate has increased since then, hitting 6.88% in the week ending March 7, per Freddie Mac.

Home prices have also soared over the past years, with houses now 42.4% more expensive than they were before the COVID-19 pandemic. The typical US home is now worth about $344,159. Home values increased year-over-year in 47 of the 50 largest metro areas in the country and only fell in three major metro areas, specifically New Orleans, Austin, and San Antonio.

Wages, however, have failed to keep up. The median household income only grew 23% since 2020 from $66,000 to $81,000. This means households making the median income would need about 8.5 years to save enough for a 10% down payment.