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. Doing this is one reason married couples tend to have lower expenses per person than single people. However, there’s another way to share housing expenses that’s open to both single and married people: cohousing.