Why It Could Make Sense to Live with a Roommate During Inflation

Inflation (33%) and cheap housing (40%) are two of the biggest factors influencing relocation decisions, according to our most recent Finding Home Campaign.

Furthermore, a larger percentage of younger generations—Millennials and Gen Zers, in particular—say that inflation has had a major impact on their ability to find affordable housing (74%).

Thus, it should come as no surprise that an increasing number of younger people are choosing to live in shared housing. Nearly 32% of American households were “doubled up,” or shared with at least one adult who wasn’t a spouse, according to a Pew Research Center poll done

During the Epidemic

The American Planning Association warns that the housing market may become even more competitive after the epidemic. Citing a national “housing crisis,” they discovered that existing homeowners are keeping their homes, so keeping younger purchasers out of the market who must deal with high debt and a growing cost of living.  

For many in this circumstance, it will mean sharing a place, at least temporarily, and postponing the purchase of that first starting house. However, let’s concentrate on a few advantages of having a roommate rather than the drawbacks, along with advice on how to share a place properly.

An Occasion to Share and Save

Your monthly expenditures will go down dramatically if you live with someone else. Apart from the rent or mortgage payment, you will also see savings on necessities like gas, electricity, water, and internet.

If you and your roommate share similar likes in food and décor, you may divide the cost of essential furniture like a TV, sofa, and small appliances as well as food bills. Another advantage is that you may split up domestic duties and obligations. And never forget that every dollar you save brings you one step closer to owning your dream house.  

Social Benefits Also Exist

Even though you will give up some solitude, living with a roommate can reduce loneliness and promote greater social engagement. It’s quite likely that you may meet new individuals from your roommate’s social circle and vice versa, even if you might not be the greatest of friends. Living with someone else is also a terrific method to learn how to compromise, resolve little conflicts, and move on. It also helps you to develop empathy and care for the needs and feelings of others.  

Making Everything Work

It will never be ideal to live with someone who isn’t your spouse. How can you steer clear of any disputes and issues? Establishing some “rules of the household” as soon as feasible is our recommendation. A lot of experts advise drafting a roommate agreement that addresses common issues like who gets to clean the bathroom, pets, quiet hours, and how you’ll manage overnight visitors. Before moving in, be open and honest about what irritates or even annoys you both, and decide how to manage it. In addition, when problems do arise, resolve them right away to prevent animosity or mistrust.  

Remember that moving into a shared living arrangement is merely a step in the right direction toward settling into the home of your dreams if you’re ever feeling demoralized or overwhelmed by it.