It can be expensive living on your own.

Student loan debt is increasing.

And wages remain stagnant.

Group of young people spending their time in common living room

All of it can make you want to abandon adulting and move back in with Mom and Dad.

Or instead, you could cut costs by living with complete strangers.

Yup, you read that right.

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Coliving can significantly slash your living expenses.

Its when you share a home with multiple, unrelated people.

Probably not as good as youd like.

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It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help…

Sometimes thats in the form of cheaper rent.

The concept of coliving is nothing new.

Its like the boarding houses of the 19th and early 20th centuries.

Or assisted living communities for seniors or dormitories for college students.

An added bonus is connecting and networking with fellow housemates.

Did you know?

Sometimes its a large single-family home broken into several units.

In other cases, its a vacant apartment building or commercial space thats been renovated to accommodate coliving tenants.

Developers are also building communal housing from the ground up.

But coliving options are popping up in other locations as this alternative to traditional renting grows.

Added bonus: You dont have to end up back in your childhood bedroom.

Nicole Dow is a senior writer at The Penny Hoarder.

When you log into your bank account, how do your savings look?

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?