The 5 Financial Benefits of Living with Roommates
Common is a leading coliving company. This article is written in partnership with them.
You probably already know that living with roommates allows you to live in a high-quality home for at least half the cost. Those savings can mean living in a nicer neighborhood, having more space, or being closer to work. But did you know that living with roommates offers the potential to save not just on housing, but across your entire budget?
We’ve teamed up with Common, the country’s leading coliving company, to bring you their expertise on how to get the most out of living with roommates. Common operates dozens of apartments in six major cities in the U.S, and as a Common member you get more than just a place to rest your head at night. Your home comes with a private bedroom in a beautiful, fully furnished shared space, all the household necessities (never buy toilet paper again!), free weekly cleanings, exclusive events around the city, discounts to local and national brands and so much more.
Keep reading to learn more about how living with roommates can save you money -- even if you don’t live in a Common home -- and head to their website to learn more.
Today, 25 million people in the US live with roommates. This is a dramatic shift from the decade prior when most adults between the ages of 18 and 34 were living independently. There are plenty of reasons why people are choosing to live together. First, there’s the obvious reason: the urban housing crisis. There’s a lack of homes, and housing costs are rising faster than income, so people are renting and sharing more. But that doesn’t explain the entire phenomenon.
We also have to consider the scientifically-proven mental, physical, and emotional benefitsof living with roommates as well as the many lessons you learn by sharing space with others. The strongest argument behind living with roommates, however, is that it saves you a ton of money. From being able to split the cost of rent, to divvying up expenses you might not have thought of, living with roommates can save you a whole lot of cash.
Keep reading to learn more about the five financial benefits of living with roommates.
1) You save on rent
With double the amount of monthly rent to work with, you and your roommate will find much better options, both in terms of the apartment itself and the neighborhood. Think luxury finishes, dishwashers, onsite laundry, and high-rise apartments with a doorman. Having a roommate guarantees lower rent costs (per person) at a higher value. A study by Smart Assetlooked at the average one-bedroom price compared with the average two-bedroom price split between two and found staggering numbers when it comes to average savings.
In big cities such as San Francisco or New York, having a roommate will save you more than $1,000 each month. In other cities like Washington, D.C., San Diego, and Miami, savings range between $600 and $800 a month with a roommate.
2) You can share furnishing costs
Furnishing a brand new apartment from scratch can be pricey. Not only do you have to buy the large furniture pieces (couches, tables, chairs), but you also have to restock all the household essentials such as pots, pans, cutlery, basic appliances, and more. You and your roommate can either share the cost of each item, or you can be responsible for every other item.
3) You split the bills
Don’t forget about power, water, gas, WiFi, and cable. With a roommate, your cost of utilities and other bills will be cut by half. Interested in a Netflix or Spotify account? It’s cheaper with a roommate!
4) You can merge other living costs
In addition to saving on the usual, apartment-related bills, you can also be smarter about your living costs with roommates around. If you drive to work or school, you can carpool and split the gas fees. If you hire a cleaning service, you can split that fee, or if you’d rather clean the apartment yourself, you can split the cost of supplies (vacuum, broom, Swiffer, Clorox, etc.). You can also merge the cost of household essentials like toilet paper, olive oil, salt and pepper, and any other basic needs that everyone uses on a daily basis. You can even reduce the cost of groceries. No one needs two heads of lettuce, two gallons of milk, and two loaves of bread. Save money and pantry space by sharing staple food items.
5) Staying home isn’t lonely
Having roommates means instant company. With roommates, you’ll feel less of a need to eat out and spend money on nights out. You can, more conveniently, stay at home without feeling lonely or bored. Cooking for two (or more) saves money and time over cooking for one, so sharing a nice, healthy meal at home will always be the ideal option. You’ll never have to feel guilty about opening up a bottle of wine and binge-watching Stranger Things again.