Overview: The New Normal
Living with roommates was once the domain of students. Nowadays, it’s an increasingly common living arrangement among all age groups. This is due to several factors:
- The housing crisis. The average rent for a one-bedroom apartment is sky-high in cities like Toronto and Vancouver ($2,317 and $2,436 respectively) and much higher than before in smaller towns and cities (source: Rentals.ca). This is partly a supply-and-demand issue: population growth has greatly outpaced the available housing stock, causing rents and home prices to skyrocket. The average home price exceeds $1M in both Toronto and Vancouver. Both rents and home prices far exceed what the typical minimum-wage worker could ever afford. This forces many people to cohabit with relatives or non-relatives.
- Low/stagnant incomes. Incomes have not kept up with inflation and the growth in housing prices. The median income in Toronto and Vancouver is nowhere near sufficient to thrive in either city. This leads many people to share accommodations.
- The high cost of living. Beyond housing, the cost of groceries, gasoline, and other everyday essentials has also increased, leaving many people struggling to cover expenses. If you need help covering urgent expenses, you may want to apply for a personal loan via Friendly Lender. We don’t perform credit checks during the online application process.
- Changing societal norms. While older generations may have benefited from cheaper housing and more affordable living in the past, many still understand the struggles faced by younger generations. Many millennials and Gen Z cannot even dream of purchasing a home without substantial donations from their parents. In the absence of generational wealth, purchasing a home is simply not feasible for many young adults.
The above factors make living with roommates necessary in some cases. In this article, we will review five things to consider when living with roommates and how to make the experience as smooth as possible.
Consideration #1: Keep Up with Your Duties
If you live with roommates, you may share cleaning duties, the washing machine/dryer, and so on. Make sure to keep up your end of the bargain and perform any cleaning duties as required e.g. taking out the garbage, washing your dishes, or mopping the floors. Clean up consistently after yourself, so your roommates have nothing to reproach you with.
However, this does not mean the people you live with will always be perfect. Therefore, it’s important to convey your expectations when it comes to cleanliness, acceptable noise levels, and overnight guests. This may result in a more harmonious household.
Consideration #2: Don’t Take Things Personally
Living with roommates, particularly strangers, you may encounter a wide variety of cultures. Different cultures have different standards of behaviour and perceptions of what is appropriate or inappropriate. Some cultures may not prioritize personal boundaries and privacy as much as the Canadian culture.
It’s important to keep your cool and not get offended if you encounter unexpected behaviours in a shared living environment. This skill may be useful in all of your relationships, both personal and professional, as you learn to coexist peacefully with a wide variety of people. In fact, it’s closely tied to emotional intelligence, allowing you to distinguish between intent and perception.
Consideration #3: Budget Intelligently
The main motivation for living with roommates is usually to save on housing costs. If you’re able to save significantly on your housing expenses, it may be a great opportunity to establish a smart budget. Take advantage of your lower housing expenses and maximize your saving opportunities. Build a budget that prioritizes fixed expenses and maximizes your savings rate. This way, when it comes time to move, you may be financially prepared. Treat shared accommodations as an opportunity.
Consideration #4: Have an Exit Plan
Some people enjoy living with others, even strangers. Some people can become lifelong friends with their roommates/housemates. In other cases, people are forced into this living situation, and it doesn’t meet their needs for privacy and independence. Therefore, it’s important to ensure you have an exit strategy, should you need it.
This may include plans to earn a higher income, save more money, or move in with a partner. There are many ways to earn a higher income: qualify for a higher-paying job, ask for a raise, or rise through the ranks at your company. Explore any viable options and alternatives to make sure you catch the right opportunity.
Consideration #5: Appreciate the Positive Aspects
Living with roommates has many positive aspects. If you focus on the positives, you may have a smoother and more beneficial experience. For example, you may appreciate the built-in companionship you get, the ability to share expenses, and meeting new people in a new city. Focusing on the positives doesn’t mean your situation will never change. It simply means making the best of your situation. In the meantime, you can prepare for your next steps.
Final Thoughts
The high cost of living, the housing crisis, shifting cultural norms, and other factors have led to dramatic changes in how people live. Many Canadians, particularly young adults, resort to living with roommates as one way to handle expenses. In this article, we looked at five important considerations when living with roommates.
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