LOS ANGELES: The reason shared ownership is hailed as the answer to the housing crisis for multigenerational occupation is simple: aside from a social tenancy (which aspiring shared owners would not qualify for anyway) it is by far the cheapest way to secure a roof over your head.
Once both rent and mortgage payments are taken into account, the monthly cost of a shared ownership arrangement is less than owning outright; and in areas of high demand, property listings show it can be significantly cheaper than renting a private property of the same size and quality.
So when three academics interviewed 71 shared owners, it’s no wonder the words commonly used to describe their housing situation included “affordable”, “opportunity”, “security” and “independence”.
But the shared owners used other words, too, to describe their experiences. “Frustration” was a term regularly heard, along with “hassle” and disappointment”. So why is the model causing so many problems?