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.
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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.
“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.
Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
