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Three’s not company

Posted by Mehran Aram on Thu, Feb 21, 2019 @ 08:02 AM

The high cost of housing is causing married couples to break with convention by seeking out roommates to share the cost of living with. This is according to a new report from Trulia. According to the report, a greater share of married couples that have roommates live in high-priced housing markets like San Diego.

Among the 100 largest metropolitan areas, those with higher rates of married couples also tend to have higher home prices according to Trulia. In Honolulu, one of the least affordable markets compared to the median income, 2.31 percent of married couples have at least one roommate. This is a 78.2 percent increase from the 2005-2009, when Trulia previously examined such data. San Diego has the seventh highest share of married couples with roommates with 1.5 percent of all households – up 47.7 percent.

While most married couples choose to live alone, the rate at which couples are bringing in a roommate is growing. As home affordability continues to decline, the necessary third-wheel may become more common.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, Housing Affordability