The median age of first-time homebuyers hit a record high of 40 last year, according to data from the National Association of Realtors. Low inventory and rising prices have pushed homeownership out of reach for many.

To make housing more affordable, some people are embracing a nontraditional path to owning a home: co-buying with a friend.

Co-buying is a great way for buyers to boost borrowing power, but there are pitfalls. Check out these tips…