At HopeLink of Southern Nevada, we have interactions with many people who may be on the verge of homelessness due to rising rents and inflation or even just plain aging who are looking for ways to save money and keep a roof over their head, and safe place to call home.
One solution for many could be sharing a house with others. Community living can help you save money on rent and utilities. It can also allow you to meet new people and form lasting friendships. And, it can also help to ensure there is a support system as you age, and they do say there is safety in numbers. If you’re considering shared housing, consider all the pros and cons before making a decision.
In Southern Nevada, it is estimated that 243,000 renter households pay over 30% of their income to landlords. This means that they are struggling to make ends meet. By living in shared houses, renters can reduce their monthly payments and free up some money for other expenses such as groceries and utilities. Also, with Nevada recording a significant shortage of affordable rental homes for the low earners (84,320 units), it is pertinent for people to explore shared home opportunities as this will reduce the burden of rental costs and enable them to take better care of the necessities. Now let us delve deeper into the benefits of shared housing
Offers Extra Income
This is the most obvious one. If you have an extra room, you can rent it out to another person. Doing so will give you additional income that can be used to pay bills, take a vacation, or buy something special. In places like Las Vegas, where the cost of living is relatively high, shared housing provides a great way for people to make extra money. Studies show that people living in shared houses often have fewer expenses and better financial stability. The saved money can then be used towards investments such as mortgage payments and retirement plans.
Household Expenses Get Written Off (Homeowners)
Apart from the extra income, shared rentals also allow tax deductions. If you rent a room in your house, you can write off certain expenses such as utilities, repairs, maintenance, and insurance. This can be a great way to save money on your tax returns. Depending on the size of the home and the number of occupants, you could be eligible for even more deductions. The portion of your tax deductions will likely depend on the rent amount, so be sure to speak with a tax adviser before claiming any deductions. Also, it is important to remember that your income must be reported when filing taxes.
Building New Relationships & Strengthening Community
The pace of today’s world can make it difficult to build and maintain friendships. Shared rentals make it easier for people to form meaningful connections with their roommates and other people in their local community. You can learn about different cultures and customs and develop strong relationships with your housemates that can last for years. Additionally, living in a shared house creates an environment of support, collaboration, and understanding that can be beneficial in times of need. Depression affects 14.4% of the population in Southern Nevada, and having good social support is pertinent to a healthy and balanced lifestyle. Therefore, community living can also be extremely beneficial in improving mental health and well-being.
Getting Help Around the House
While living in a shared house, you might have a roommate who can help with household tasks. This could include anything from cooking to cleaning and other chores. Having one or more people helping with household tasks can save you time and energy. This is especially helpful if you are a busy professional who needs more time to do everything yourself. With shared housing, you can easily delegate tasks and free up some extra hours in your day. For frequent travelers, you can easily find someone who can look after your house while you are away, care for your pet, and water your plants. This is one of the most underrated benefits of community living and should be noticed.
Home Sharing Is Important for The Environment
Sustainable living is becoming increasingly important as our resources are being depleted at an alarming rate. Community living can help reduce your impact on the environment in many ways. Not only does it save energy by using fewer resources, but it also reduces the amount of waste being generated in a home. This is because fewer appliances, furniture, and other items are used. Additionally, community living helps reduce the amount of land needed for development since two people can live in the same home. This means more land can be preserved for natural habitats, parks, and recreational areas. Ultimately, shared housing is an important part of sustainable living and can help reduce your impact on the environment.
Avoid Downsizing on Your Own
When living by yourself, it can take effort to make changes that are necessary for saving money. Downsizing your lifestyle can mean moving to a smaller house, removing unnecessary items, and reducing your expenses. However, it can be difficult to make these changes alone. With shared houses, you can easily make these changes with the help of your roommate and reduce your living expenses without compromising your lifestyle. This is one of the major benefits of shared housing and can be quite helpful in saving money. Also, you can save more money by sharing utility bills, groceries, and other expenses. This can be a great way to reduce costs without having to downgrade your lifestyle.
It Is Not Subjected to Short-Term Rental Regulations & Taxes
One of the biggest advantages of community living is that it is not subjected to the same regulations and taxes as short-term rentals. This means you can rent a room in your house without paying the same taxes and fees as Airbnb or other rental services. This is especially helpful if you live in an area with strict policies regarding short-term rentals. Shared accommodation can provide you with the same benefits as short-term rentals without paying additional taxes and fees. In addition, you can enjoy greater flexibility regarding your rental terms since there are no regulations or restrictions.
Shared housing can be a great way to save money, reduce your environmental impact, and enjoy greater flexibility. It also allows you to make new friends, get help around the house, and have better social support. Ultimately, shared accommodation is an excellent option for those looking for a cost-effective alternative to traditional living. Its numerous benefits are becoming increasingly popular as a viable option for those looking to save money and reduce their environmental impact.
Take a few moment to watch the video conversation with Laura Fanucchi from HipHousing in San Mateo, California where shared housing it not just necessary, it’s becoming a preferred way of life for many.
Here are some resources you can utilize to learn more about shared housing, and to find spaces to rent:
National Shared Housing Resource Center
