Shared living has been around for generations. In recent years, however, more people — who aren’t related — are choosing to live together in the same apartment, share amenities, and cohabit. The number of cohabitants in the U.S. alone increased by 29 percent between the years of 2007 and 2016, according to the Pew Research Center, and 18 million people of that percentage are under the age of 35 or millennials. There are several reasons for this phenomenon, but here are the top three reasons why millennials are choosing to live together.
Especially in the last 10 years, the housing market in every major city has experienced a shortage of supply. Homeownership has, in conjunction, become increasingly unaffordable. Rising housing costs, on top of crippling student loans, prevent the millennial generation from housing opportunities that existed for generations before them. As a result, young adults — especially recent college graduates with student debt — choose to live together to save money on rent. Living together, millennials also feel a sense of community.
Rise of the digital nomadic millennials
Currently, 4.8 million Americans self-proclaim themselves as “digital nomads,” or remote workers. This trend continues to show a mass potential for growth. It’s estimated that by 2027, 50% of the total U.S. workforce will be freelancers or have remote jobs and by 2035, there will be more than one billion digital nomads in the world. This reflects a new set of priorities, goals, and work attitudes among millennials. They value experience and strive for flexibility in all aspects of their lives, from cohabitation to occupation. Living together with other like-minded individuals is just another manifestation of millennials’ desire to feel connected.
Cohabitation before marriage
Millennials are three times as likely to never have married as their grandparents were, according to a study from the Pew Research Center. Though they’re getting married later (the median age for marriage today is 30), a high percentage of millennials live with their partners before marriage — more than 65 percent of first marriages. It makes sense for couples who plan on getting married; again, you save money and have time to transition.
View this post on Instagram
For these reasons, people born after 1980 are more likely to cohabit than any previous generation (at the same stage of life), according to the Pew Research Center. Coliving makes sense for millennials, and Common is making it ideal.With beautiful, fully furnished homes, Common offers a private room, onsite laundry, professional cleaning, household essentials, and more for one all-inclusive rent. Our homes across all major US cities help solve major housing headaches for millennials: they’re affordable, they cater to people who work remotely or as digital nomads (with large coworking spaces and flexible leases), and they even have rooms for couples. Take a free tour of a Common coliving home today.