Apr 9, 2026
The cost-of-living crisis is plaguing many people right now, and the younger you are, the higher the chance you'll face the brunt of it.
More than half of Gen Z-ers responding to Bank of America's 2025 Better Habits Study said the high cost of living was a barrier to financial success (1).
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According to the Michigan Journal of Economics, younger generations are being forced to adopt creative new approaches (2) to cope with the challenges of "stagnant starting wages and minimal asset ownership," which result in a higher personal inflation rate.
For some young people, it means getting creative when it comes to housing — and not just downsizing from a one-bedroom to a studio, or moving in with parents. One novel example? Some young women have moved in with nuns in the heart of London, England.
But they're not joining the religious order. They rent rooms at The Religious of Mary Immaculate (RMI) Hostel, part of a network of convents and associated hostels globally. In a recent TikTok for The Daily Mail UK, journalist Mimi Yates spoke to nuns and the Gen Z residents there.
"I came to this convent to see how living with nuns is a low-cost solution to a very modern problem" Yates said (3).
A cheap, 'cozy' home with nuns
While Yates did not reveal the rent charged for the long-term rooms, both she and the residents she spoke with describe it as "cheap" and "very reasonable.”
That being said, this unique living situation does come with its own set of rules. For example, only women can live there and they can't bring men to their rooms — although they can socialize with male friends in the common area. They also have a set curfew for both weekdays and weekends.
Despite these rules, it’s a welcoming place for the women. One resident named Karen is an aspiring burlesque dancer, and the sisters are supportive of her dream. Another resident, Sophia, described it as "cozy, safe, full of friends"
There are additional perks. Breakfast is provided every morning and the nuns and other residents have weekly movie nights (4, 5), adding more social and money-saving benefits to this living arrangement.
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More young people are opting for communal life
A growing number of young people are embracing communal living — whether in a nuns' hostel or elsewhere — as a way to cut back on rent, opting for co-living spaces.
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Co-living spaces are rentals with varying terms (some you can book for just three months) in which you have a small bedroom to yourself but share all other spaces with other residents.
They offer flexibility to people whose work life may be in flux or who are prioritizing travel before settling down. It's a way to enjoy both the social benefits of community and the economic benefits of shared resources.
Amity School of Architecture and Planning researchers Divya Singh and Deepti Pande Rana wrote a 2025 study (6) on this trend: Co-Living Spaces for GEN Z: Sustainable and Socially Interactive Interiors.
They note that Gen Z's "digital proficiency, environmental awareness, and a strong preference for shared experiences" make co-living perfect — allowing for remote work and more sustainable living.
Seeing as fewer Gen Zers are receiving financial support from parents and family — 39% in 2025, down from 46% in 2024, according to Bank of America — cutting costs independently is key in getting through these highly-inflated times, whether you go the route of downsizing your current space, or finding a cozy convent looking for residents.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Bank of America (1) ; Michigan Journal of Economics (2) ; TikTok (3,4, 5); Journals Pub (6)
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Em Norton is a Staff Writer for Moneywise. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.
