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1 Popular Way Millennials Are Cutting Back on Living Expenses (and Why There’s Nothing Wrong With It)

group of roommates making pizza

group of roommates making pizza Sharing your space with other young professionals is becoming more common. | iStock.com/monkeybusinessimages

Keeping up with the cost of living can be difficult. Finding an affordable place to live that’s also nice enough to call home can be one of the most challenging parts of adulthood. No one knows this more than millennials. Despite the difficulties that often come with finding a suitable place to live, millennials are being creative when it comes to housing. One way they’re slashing costs is by co-living (also known as communal living). This is a dorm-style arrangement where groups of people live together, so they can keep housing costs low.

Co-living has been a popular option among young people just out of college. And now businesses are also jumping on the co-living bandwagon, hoping to make some quick cash from this idea. Here are a few things you should know about co-living.

The sharing economy

Millennials have grown up in an age of what some have called the sharing economy. They have become accustomed to apartment and home lending (Airbnb), co-working (WeWork), ride-sharing (uberPOOL), and peer-to-peer lending (Lending Club). The act of sharing housing, work, and commuting space is second nature to millennials. Co-living is just one more option young people have to stretch their resources and meet new people if they so choose.