Living Together: Exploring the World of Co-living

by HOWARD GUO

What is Co-Living?

“Co-living is a modern take on an old way of living in which people share resources, spaces, and experiences.” This concept, as articulated by Clark, Figueres, Lesniak, & Ortiz (2023), redefined Co-living as “a group of unrelated people living together voluntarily in a housing-as-a-service space that has a community and convenience focus.” In other words, the essence of Co-Living revolved around affordability. While it often perceived as a cost-saving measure or a landlord’s profit strategy, co-living is, in fact, a vibrant lifestyle choice that fosters a sense of community and offers a plethora of benefits that enrich lives.

Discover the full spectrum of co-living with us and embrace the communal living experience that awaits.

Affordability in Co-Living

Affordability is undeniably central to co-living arrangements, offering financial flexibility and the advantage of cost-sharing. As noted by Chazanas (2023), co-living provides furnished rooms with short-term leases, reducing long-term commitments and the need for personal furnishings. Co-Living also offer flexible payment options such as “to pay rent on a monthly, bi-monthly, or quarterly basis, aligning their payments with their income and economic preferences”(Plus, 2023). As a result, residents can better manage their money, especially easing financial management during temporary financial challenges.

Source: The data for the Importance of cost-sharing in a co-living arrangement are from the “[Co-living Questionnaire],” a survey conducted by the Howard Guo, 2024. (https://forms.gle/yiCx9bv9gZre9yRw5)

Cost-sharing is another key benefit. Guo’s (2024) survey found that 86.7% of co-living residents value shared expenses for utilities and groceries, with 46.7% considering it somewhat important and 40% very important. This communal approach to living expenses keeps costs low and daily life more affordable, positioning co-living as a strategic financial strategy for savvy residents.

Enhancing Social Well-Being Through Co-Living

Co-living not only offers an affordable living solution but also significantly enhances social life. A recent survey by Guo (2024) revealed that 66.7% of participants agree co-living has improved their social interactions, fostering ease of bonding and caring among residents.

FNF Co-Living (2023) highlights that co-living spaces are designed to encourage social interaction, which naturally reduces feelings of loneliness and isolation. Residents find themselves forming meaningful connections, leading to a heightened sense of belonging and support while also creating a space where one is accepted, understood, and valued.

Do you know that: The practice of co-living dates back to ancient communal living, where mutual reliance was key for survival. Today, co-living involves connecting, collaborating, and thriving together, echoing these historical communal practices.

Co-Living as Community

Co-living spaces offer a dynamic community experience. It is one where people collaborate, support each other, and share life’s experiences. Klinenberg’s (1999) study during the Chicago heat wave illustrated the life-saving importance of co-housing support networks. Co-living not only promotes inclusivity and shared responsibilities, as Clark’s (2020) research on communal meals shows, but also builds trust and lightens individual burdens, with Guo’s (2024) study revealing that over three-quarters of residents are comfortable sharing chores. This collective approach is integral to the co-living experience, enhancing social bonds and ensuring no one is isolated.

Sustainability in Co-Living

Source: The research result for the comparison of CO2e emissions per household per year is from “[Coliving & Cohousing Research: Creating Sustainable Cultures]” by Dr Penny Clark, 2020 (https://www.consciouscoliving.com/research-sustainable-coliving-cohousing/)

Co-living arrangements are environmentally friendly, as evidenced by Clark’s (2020) study showing lower CO2e emissions compared to traditional households, thanks to shared resources and sustainable habits. Kilian’s (2023) research further supports this by highlighting the reduced land and energy usage in dense cities like Manhattan. Additionally, the integration of energy-efficient appliances and smart technologies, along with construction innovations such as prefabrication, not only decreases the carbon footprint but also cultivates sustainable living practices among co-living residents.

The Flip Side of Co-Living

However, like a coin, every situation—co-living included—has two sides. Greene’s (2019) study underscores the trade-off between community and solitude, noting the adjustment required for those accustomed to more private living arrangements. As shown in Guo’s (2024) survey, a minority of residents struggle with privacy and noise. Additionally, cultural conflicts and resistance to change, such as new dietary practices, can arise, highlighting the need for adaptability in co-living environments. Diversity, however, is not invariably advantageous. A Diverse co-living communities can face “compatibility challenges,” as described by FNF Co-Living (2023). Personality clashes and differing values can lead to conflicts, impacting the mental well-being of residents.

Is Co-Living Right for You?

To sum up, Co-living is not just a place to live, but a way to live. It serves as a financial strategy that benefits both tenants and landlords. However, it’s essential to weigh the pros and cons of such an arrangement.

Benefits of Co-Living

  • Fosters Connections: Co-living spaces are designed to bring people together, creating a sense of community.
  • Promotes Environmental Mindfulness: Sharing resources means a smaller ecological footprint, contributing to a greener planet.
  • Affordability: Shared living spaces can reduce the cost of living, making it an attractive option for many.

Potential Drawbacks

  • Privacy Concerns: The communal nature of co-living can sometimes lead to a lack of personal space.
  • Noise Disturbances: Living in close quarters with others can result in increased noise levels.
  • Conflicts: Differences in lifestyle and habits can lead to disputes among residents.

The Bottom Line

Co-living isn’t a one-size-fits-all solution. It’s perfect for those who thrive in a community setting and are willing to share their living space. On the other hand, introverts or those who value a great deal of personal space might find it challenging.

Before deciding, consider how your living arrangement should align with your personal preferences and priorities. Evaluate your needs, consider the benefits and drawbacks, and make the decision that’s right for you.

Calculating My Future: The Story Behind My Accounting Aspiration

by HOWARD GUO

Raised in a low-income family, I learned the value of every dollar from a young age. My parents worked tirelessly, often juggling multiple jobs, to provide for our family. Despite their efforts, we faced financial instability, and I witnessed the stress that money—or the lack thereof—can bring. I became the unofficial bookkeeper of our household, tracking every expense and finding ways to stretch our budget. I realized that good financial management could make a tangible difference in our lives.

In high school, I excelled in math and discovered a passion for the systematic and precise nature of accounting. It was more than just numbers; it was a language that could explain and solve financial challenges. As I researched potential career paths, I realized that accounting was the perfect fit for me. It’s a stable and respected profession that offers a clear trajectory for growth and success. Accountants are in demand across all industries, and the skills I would acquire could open doors to various opportunities, from forensic accounting to financial analysis.

Choosing to major in accounting at Baruch College was a strategic decision. As a public college, Baruch offers an education that’s not only high in quality but also accessible, making it a prudent choice for students from low-income families who are mindful of budget constraints. The Zicklin School of Business, in particular, is primarily known for its strong business program, which is a perfect match for my aspirations. With a degree in accounting from Baruch, I will be equipped with a robust set of skills and a comprehensive understanding of financial systems that will serve as a cornerstone for my future endeavors. This aligns seamlessly with my ambition to secure financial well-being for myself and my family. Moreover, the journey towards becoming a certified public accountant (CPA) is a challenge I welcome with open arms, as it promises to open doors to prestigious opportunities in the field of accounting.