Should unmarried couples ever buy a house together? Experts warn it could be a costly mistake, as record numbers get on property ladder BEFORE tying the knot

When Lexi Taub and her partner Erik decided to get married last year, they did it in the backyard of their $650,000 home in upstate New York.

The couple, both thirty, have been in a relationship for six years. In their late twenties, they faced a modern-day dilemma: should they pay for a wedding or buy a house together first?

The average cost of a wedding has skyrocketed to $30,000, according to sources The knotwhile national housing affordability is worse than in 2006.

It’s no wonder that couples increasingly need to prioritize one over the other. For Erik and Lexi, it was an easy decision: Before buying a house together in November 2021, they paid $5,500 a month in rent in New York.

However, experts warn that ignoring the legal complexities of buying a home before marriage could be financially catastrophic. They advise the increasing number of couples making this choice to pay close attention to the ownership structure.

Figures from the National Association of Realtors (NAR) show that 18 percent of first-time buyers last year were unmarried couples, up from 4 percent in 1985

Figures from the National Association of Realtors (NAR) show that 18 percent of first-time buyers last year were unmarried couples, up from 4 percent in 1985.

Erik and Lexi have had their monthly bill reduced to less than $3,000, which covers their mortgage payments, insurance and property taxes. The couple split the cost of a 20 percent down payment on their home in September 2022.

“It made sense that we bought first, otherwise we would be paying so much money in rent,” says Lexi, who runs the jewelry brand AlexisJae.com, told DailyMail.com.

‘I’ve heard of some people doing the same thing. People feel less bound by traditional ideas about marriage.’

According to the NAR, unmarried buyers typically have slightly lower incomes than married buyers.

Couples who have not yet tied the knot have a median household income of $72,500, while couples who have done so earn $79,200.

The problem is compounded by the fact that fewer Americans than ever are getting married. In 2021, 14.9 out of 1,000 women aged 15 and older married each year, up from 16.3 a decade earlier, according to US census figures.

Couples are also postponing marriage. Data from The Knot shows that the average age of an American bride in 2022 was 30, up from 22 in 1980.

Experts say financial insecurity is driving these shifts in attitudes.

NAR Deputy Chief Economist Dr. Jessica Lautz told DailyMail.com: “It’s a trend that we expect will continue to grow. Marriage rates have been declining for years, while home ownership is increasing.

“People want the capital gains of home ownership. Even if you look at your partner and think you won’t be together forever, you can make a financial profit by buying together.”

However, buying a home as an unmarried couple is not without risks.

Lexi Taub and her partner Erik. She told DailyMail.com: ‘It made sense that we bought first, otherwise we would be paying so much money in rent’

The couple eventually married a year after purchasing in the backyard of their $650,000 home, pictured, in upstate New York

Homebuyers have faced the least affordable market since 2006, according to figures from the Atlanta Federal Reserve

Pennsylvania attorney Mike Fiffik, out Fiffik Law Grouptold DailyMail.com that couples should agree on an exit strategy in the event of a breakup.

‘If you buy a home with someone you are not married to, you must have an agreement about the home. It clearly states how you share the costs and what happens in the event of a breakage.’

Additionally, couples must agree on whose name appears on the property’s title and deed – meaning they legally own it.

The spouses appear together on the deed and if one of them dies, the remainder of the property automatically passes to the other.

But for unmarried couples this can be more complex. Partners can instead own the property as “tenants in common,” meaning each owns a portion of the property.

Otherwise, both partners can co-own the property and add a “right of survivorship” clause.

Fiffik added that it is imperative that couples know each other’s finances.

He said: “Both partners must disclose their debts, accounts and income to each other.

‘If a partner becomes indebted and cannot pay his creditors, the creditor can file a lawsuit.

‘A judgment against one partner is a lien on the home and affects the rights of both partners to the home.’