I was reading a boring article this morning about how Canada's first-time home buyers are "exploring new paths." There was honestly nothing interesting about the article except that it mentioned buying a home as a group is becoming more popular. The advantage is with a higher combined income, you can qualify to buy "more home." The disadvantage is trying to sort things out when someone decides to move out.
Before, I never would have considered moving in with friends, never mind buying a house with friends. In fact, I've never lived with a girlfriend. I've always lived with a boyfriend or by myself. But with the way the housing market is, it actually makes sense for 4 adults to pool their money and purchase a home together. Depending on everyone's income, you could probably get a $300K home. Each adult is paying $600 a month for mortgage and utilities or less if they've saved a big down payment. I think that's a good deal.
But you'd have to be really good friends. I mean really good friends. Some friendships dissolve under the pressure of living together. Some people are just better friends than they are roommates. Take me for example... I think I'm a wonderful friend but a terrible person to live with. I'm messy. I have 3 cats and they're messy. I have a child and she's messy. I'm going to have another child and that child will be messy. My boyfriend's messy. Who would want to live with us? Equally messy friends I guess.
We'll have to purchase a home the traditional way.