More and more money-saving millennials are seeking out places to live that are more cost effective than ever.

They’re not alone.

Generation X is also finding ways to save by integrating co-living, single rooms for rent, or other roommate options.

According to an article published in USA Today, one in five roommates (19%) are now over 40 years old, an increase of 23% from 2014.

Millennial or beyond, gone are the days of living alone. Couples, singles, and college students are actively seeking out ways to live frugally. This has us asking a simple, burning question:

Given the higher cost of living, are options like coliving, being a married couple with roommates, or renting spare rooms (Airbnb) becoming more mainstream?

Maybe. Maybe not.

We asked frugal living experts what their thoughts were, as well as what other cost saving measures we can expect to become mainstream.

Here’s what our experts had to say:

Marc Guberti

Entrepreneur, Author, Blogger
www.marcguberti.com
@MarcGuberti

“I see co-living becoming more mainstream because when students graduate from college they are excited about embracing the real world. However, many of these same students are plagued by the trillion-dollar student debt problem that exists in today’s society. Some of these students have already embraced the co-living lifestyle with dorm rooms and so will be ready to embrace this same lifestyle as they graduate from college with piling debts.”

Other Cost Saving Measures?

“Car driving services like Uber will continue getting popular. I believe we’re at a point, too, in which self-driving cars will gradually begin to replace manually driven cars.”

Michelle Singletary 

The Washington Post Columnist
www.michellesingletary.com
@SingletaryM

“I do see shared living as a growing trend. The truth many people don’t want to embrace is that not every family can afford to have their own home. So why not share space? For those who can afford to buy a home, factor in some extra living space not just to rent, but also for relatives who may need to come live with you. This might include your elderly parents, adult children, cousins, etc. We need to stop making people believe they are a financial failure if they don’t own their own home. It’s just not true. You do get something for your rent. You get a roof over your head.“

Other Cost Saving Measures?

I love the trend of people cutting the cord of cable. I see families spending upwards of $200 to get TV. Eliminate that cost and invest it in your future, instead.”

Grant Sabatier

Founder, Millennial Money LLC
www.millennialmoney.com
@sabatier

“All of these options are already becoming more mainstream in big cities. Many people I know in San Francisco and New York are sharing their apartments with full-time roommates. I also think that Airbnb-ing spare rooms has already gone mainstream. One friend I have started renting his own room on Airbnb and stays at his girlfriend’s house. The income from that almost pays BOTH of their rents. It’s so crazy.”

Other Cost Saving Measures?

“House hacking. This is where you buy a duplex or triplex and rent out the other units. I am seeing more and more millennials specifically using FHA loans and putting 3% down to buy 2-3 unit buildings. They live in one and rent out the others. They get their own mortgage covered, invest in an appreciating asset, and start to build cash flow.”


Rachel Ritlop

Lifestyle Blogger
www.theconfusedmillennial.com
@TCMillennial

“I think because the millennial generation is such a large age range and people are in different places, that these trends won’t become mainstream. But I do think they’re on the rise. At the end of the day millennials are settling down later than previous generations and many want to stay in cities (with higher living expenses) instead of moving to the suburbs. I think overall, a lot of millennials will still opt for coliving with family instead of strangers or friends.”

Other Cost Saving Measures?

“I see more married millennial couples renting out a spare bedroom, even their entire apartment, on Airbnb. It’s a great way to supplement income, especially as more millennials look toward entrepreneurship and breaking free from the 9-5 grind.”

John Schmoll

Personal Finance Blogger
www.frugalrules.com
@frugalrules

“I really don’t see situations like this becoming mainstream, per se. I do see them rising in popularity over the near term, but I believe situations such as co-living or renting out a room as a married couple will stay in the minority. I believe there are risks or situations that many would not be comfortable with, thus causing them to look elsewhere to make additional income or save money.”

Other Cost Saving Measures?

“Cutting the cord to cable. Many have made the switch and are experiencing big savings each month. As more and more cut the cord and share about their savings, others will follow suit. I believe we’ll continue to see things like that take place as people look to save more money each month.”

The Savvy Couple (Kelan & Brittany)

Personal Finance Bloggers
www.thesavvycouple.com/
@theSavvyCouple

“It’s becoming more difficult for millennials to purchase their first house due to student loans, lower wages, and inability to save money. A great way to combat this is to share the cost of living with others. When we were engaged in college, we had two roommates to help offset the cost of off-campus living. We also think that companies like Airbnb are opening doors to ideas like home sharing. We’ve considered renting out our spare bedroom to make extra income. We believe that our millennial generation is big on sharing things (like Uber, HomeAway, Airbnb, etc.) and will continue to for years to come.” 

Other Cost Saving Measures?

“We think Airbnb will become more popular for people going on vacation. We plan on renting out our own house when we’re away. It’s a win-win. You get to go on vacation and make some money while you’re away.”

Ashley Chorpenning

Personal Finance Blogger
www.moneygravity.net
@ourmoneygravity

“Housing costs can eat up the majority of individual budgets. With housing costs on the rise, it makes it more challenging to save for retirement or pursue financial freedom. The other side to this is that the generation before us hasn’t planned for retirement, either. The only option is to have multiple generations under one roof to save money. Millennials are staying at home longer or living with roommates until they’re married. If we stay the course this will become the “new normal”. It will not be a surprise to anyone to have more than one person living under one roof.”

Other Cost Saving Measures?

“With the rise of companies like Netflix and other subscription firms, more people will save. They are foregoing cable television for a less expensive alternative. Frugality is great and it is becoming an upward trend.”

What are your thoughts? Is coliving a growing trend? Or just a phenomenon of the current generation?