More L.A. millennials are buying the house long before the ring.
The percentage of young, unmarried people buying homes in L.A. increased to 11.9 percent from 8.1 percent over the past 10 years, according to a Zillow report cited by L.A. Weekly.
While that’s a significant uptick, L.A. is still well below the national average of 14.6 percent, according to the report, which was compiled using U.S. Census Bureau data for 24- to 35-year-old American home buyers.
Zillow chief economist Svenja Gudell attributed the increase to the rising costs of L.A. housing, saying that it’s much easier for buyers to qualify for loans if they apply as a duo.
“Many singles looking to purchase a home on their own may not make enough money to afford or qualify for a mortgage on their dream home,” she said. “That makes buying a home with a significant other even more appealing, even if marriage isn’t quite part of the picture.”
Many of the buyers are same sex, unmarried couples, Zillow said. [LA Weekly] — Katherine Clarke