Discussion:
Background:
For most Americans, housing is the single biggest expense in their personal budget. According to the Bureau of Labor Statistics, the average household spends more than 30% of its after-tax income on housing expenses, including rent or mortgage payments, utilities, maintenance, and furnishing. For single people, the figure climbs to more than 40% of after-tax income.
One way to reduce this cost is to share housing expenses with others. A great way to share housing expenses and it's open to both single and married people: cohousing. According to the FIC, a survey of 200 cohousing residents found that living in cohousing saved them at least $200 per month on their entire budget. For some residents, the monthly savings came to more than $2,000.
1. The house costing
When you buy into a cohousing community, you aren't just getting a home of your own, you're also getting access to all the facilities in the common house and the shared grounds. For just a little bit more than you'd pay for a small home somewhere else, you get the kind of space and amenities that normally come with a much larger and more luxurious home, such as a big family room, a pool, a huge yard, a workshop, and a playroom for kids. So overall, cohousing gives you more bang for your housing buck.
2. The living cost
Living in cohousing can save you money in other ways, too. For instance, you can save on the following:
Utilities. Most cohousing projects are built in eco-friendly ways that save energy and water. These resource-saving features cost more upfront, but they save you money on your utility bills every month you live there. The Fellowship for Intentional Community (FIC) reports that the solar panels at Nevada City Co-housing in Nevada City, California, actually earn residents more money on their utility bills than they owe.
Food. In many cohousing communities, residents share meals on a regular basis. This helps them save on food by buying in bulk and avoiding food waste.
Child Care. Living in cohousing makes it easy to find good childcare. Parents can take turns looking after each other's kids or chip in together to hire a nanny, at a considerable savings per kid.
Senior Care. Seniors living in cohousing always have people around to keep them company or give them a hand with chores. Also, those who live in special senior cohousing can hire one caregiver to tend to their medical needs, instead of each paying for their own. All this makes it easier for seniors to continue living on their own as they age rather than having to move into an expensive assisted-living community.