Moving in with a romantic partner is a big step, and one that shouldn’t be taken lightly. However, when it comes to taking the next step in their relationship, 63% of people who have moved in with a romantic partner said that their decision was impacted by finances and/or logistics, according to a new report from Realtor.com.
Realtor.com, joined by HarrisX, surveyed 3,009 consumers to highlight how today’s expensive housing market is impacting people’s love lives. The survey found that younger respondents were significantly more likely to be persuaded by money/logistics, with 80% of Gen Z and 76% of Millennials saying that one or both of these things were a factor in moving in with a romantic partner. This is compared to 56% of Gen X, 44% of Baby Boomers who said the same thing.
Key highlights:
- Unsurprisingly, among those who factored finances and/or logistics into their decision to move in with a partner, Gen Z respondents (56%) ā who have faced notoriously high housing costs in their lifetime ā were the most likely to say that saving money by splitting the rent/mortgage was a contributing factor.
- Additionally, 70% of all respondents who have moved in with a partner reported that they were able to save money by moving in. The most common amounts saved per month were $1-$500 (27%), $501-$1,000 (20%), $1,001-$2,000 (13%), $2,001-$5,000 (6%), and more than $5,000 (4%).
- A significant percentage of respondents who have moved in with a partner moved into a home that one person already rented (37%) or owned (21%), while 30% decided to start fresh with a new rental and 9% took the leap directly into buying a home together.
- Not all relationships work out and living with a partner isn’t always easy. 42% of people who have moved in with a romantic partner ended up regretting the move.
- Reasons for regret included: the relationship didn’t work out (48%), moved too fast/rushed the decision (31%), realized we weren’t compatible for co-living (27%), made it harder to break up (26%), it was stressful to divide the things that were purchased together (22%), the stress of living together hurt the relationship (22%), the logistics of moving out after a breakup were too difficult (19%), and broke up soon after moving in together (17%).Ā
- Nearly a third (31%) of survey respondents who have moved in with a partner signed a contract outlining what would happen in the event of a break-up. Younger respondents were significantly more likely to have signed a contract, with 54% of Gen Z and 47% of Millennials doing so. This suggests that younger generations might be more financially and/or legally savvy and understand the importance of protecting their investments.
Major takeaway:
āLiving with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship,ā said Clare Trapasso, executive news editor, Realtor.comĀ®. āWhile the idea of splitting the rent or mortgage can be very attractive, it’s important to have tough conversations with your partner and think through how living together will work before you take the plunge.ā
āWhen you’re renting or purchasing real estate together, it’s important to make sure you’re both financially protected,ā added Trapasso. āFor example, if you’re buying a home together as an unmarried couple, it may be a good idea to chat with a real estate attorney first to figure out what would happen with the home in the event that you broke up.ā
