Why Are 56% of NYC Homebuyers Planning to Buy With a Co-Buyer?

More New Yorkers are buying homes with someone else because they cannot afford to do it alone. According to a 2025 Buyer Trends Survey from StreetEasy, 56% of prospective homebuyers in New York City plan to purchase with a co-buyer.

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How many NYC homebuyers plan to buy with a co-buyer?

According to StreetEasy's 2025 Buyer Trends Survey, 56% of prospective NYC homebuyers plan to purchase with a co-buyer. 43% plan to buy with a partner or spouse, which is the traditional arrangement, while 9% plan to buy with a friend and 6% with a relative. The growing share teaming up with people outside a romantic relationship is being driven by affordability.

What affordability numbers are behind the trend?

According to PropertyShark, the median price for homes sold in New York City in 2025 was $745,000, and in Manhattan it was $1.15 million. Mortgage rates are in the mid 6% range after briefly dipping below 6% in February before the Iran conflict pushed them back up. Closing costs in New York City run between 4% and 6% of the purchase price.

What kinds of homes do co-buyers target?

Many co-buyers target multi-family properties with 2 or 3 separate units, so each party keeps their own living space while sharing the financial burden. Two family homes in Staten Island and Brooklyn remain popular for this type of arrangement because they offer both independence and shared equity building. Co-buying also means shared financial and legal obligations, so buyers commonly have an attorney review the ownership terms.

Who is buying homes in NYC, according to the survey?

The average age of prospective buyers in New York City is 46. Baby boomers make up 22% of prospective buyers, the second largest group behind millennials aged 30 to 44. 61% expressed interest in single family detached homes while co-ops attracted only 14%. 82% have lived in at least 1 rental in NYC before starting their homebuying journey.

How reliable is the survey?

The survey was conducted by Zillow Group Population Science between July and September 2024 with 1,369 prospective buyers and 1,111 successful buyers in New York City, and respondents were weighted to match U.S. Census Bureau American Community Survey demographics. It reflects stated plans from 2024, so actual purchases and today's rates may differ.

What does this mean for Staten Island and Brooklyn buyers?

Renters are staying renters longer, with the median age of NYC renters rising from 45 to 47 between 2013 and 2023 according to StreetEasy's analysis of Census data, and co-buying is one way buyers are working around affordability barriers. Two family homes in both boroughs fit the shared-ownership model, although splitting a mortgage ties each buyer's finances to the others. Buyers considering it can compare a co-purchase against saving longer to buy alone.

Questions about how this affects your home in Staten Island or Brooklyn? Work with Joseph Ranola, or text or call (917) 905-2541. New episodes of Daily Tesla News break down the NYC real estate stories that move the market.