Dec 24, 2024
Moving out has long been considered a hallmark of independence, but skyrocketing housing costs are forcing young adults to rethink their next steps.
With the median rent in the U.S. reaching $2,000 a month, young adults are being forced to rethink what it means to live on their own. For many, the answer lies in finding a roommate. But what if that roommate has been right by your side all along?
Advertisement
Take Ben and Allison Karlin, two of three triplets, who recently moved into a two-bedroom apartment together in New York City.
“We kind of had a test run for 18 years,” Ben told the Wall Street Journal.
Following their mother’s advice, the siblings have adopted a housemate approach, splitting responsibilities and buying their own groceries, to make city living more manageable. While teaming up with a sibling might seem like a smart solution, it’s not a one-size-fits-all fix. Balancing family ties with housemate dynamics can be tricky, and not every sibling relationship can survive the challenge.
Why pick a sibling?
Young adults weigh many factors when deciding whether to live with a sibling or a roommate. Differences in cleanliness, privacy and even dating boundaries can quickly turn a practical arrangement into a source of tension.
An analysis by Bowling Green State University’s National Center for Family & Marriage Research, based on Census Bureau data, found that the number of single young adults with siblings or roommates rose from approximately 5 million in 1990 to 6.5 million in 2022.
The driving force behind this trend is the rising cost of living. Rent prices have surged by about 19% since 2019, according to a Washington Post analysis of data from CoStar Group. Sharing living spaces has become less about convenience and more about financial survival in an increasingly expensive world.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Should siblings be a first- or last-resort roommate?
As Americans get creative with their living arrangements, siblings are increasingly teaming up to tackle the high costs of living together.
Sisters Cheryl and Sandra Sutton recently bought a five-bedroom home in Portland, Oregon, with their best friend. By pooling their resources, they’ve secured better housing and built on a foundation of trust.
Advertisement
“At this point, anybody that gets married, they’re gonna have to just take the other two as well,” Sandra told the Wall Street Journal. “There’s no plans to not live together.”
Before deciding to share a space with your siblings, it’s crucial to weigh the pros and cons thoughtfully. For example, start with a money conversation and candidly discuss rent, utilities and other expenses.
It’s also important to set clear boundaries and address potential disputes like cleaning routines, pets or visitors. You may also want to determine a timeline for how long you plan on living together.
If the arrangement is temporary, set clear goals – whether to save for a downpayment or shift to solo living – to ensure everyone’s expectations align.
By clarifying your goals and speaking openly about your intentions, you can find a plan that works for everyone involved.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Victoria Vesovski is a Toronto-based staff reporter at Moneywise covering personal finance, lifestyle and trending news. She holds degrees from the University of Toronto and New York University, and her work has appeared on platforms including Yahoo Finance, MSN Money and Apple News.
