New York is so expensive that millennials and Gen Zers are paying more than $900 a month to share small bedrooms, but residents say they get more out of co-living than just a place to sleep

Joey Hadden

February 14, 2020 6:14 PM

Joey Hadden/Business Insider

When 30-year-old Sean Finn was moving from Prague to New York, he said he was prepared for his new accommodation to be a scam.

The median monthly rent price for a one-bedroom apartment in New York in 2020 is $3,000, according to Zumper .
This can be out of reach for the average millennial and Gen Zer. Based on the average millennial's yearly income, millennials should only be spending around $998 a month on rent .
Millennials and Gen Zers are still making their way to metropolises like NYC and San Francisco, and some of them are doing it thanks to a modern twist on an old trend, co-living spaces , where strangers share a home .
Outpost Club is a co-living company with houses in New York, Jersey City, New Jersey, and San Francisco. Its residents, which Outpost calls "members," share living spaces and, in some cases, even bedrooms. It's one of the cheapest co-living options in New York.
Around 50% of members are international , and members say the living arrangement helps them transition not only financially, but also mentally and socially, for life in NYC, but that it takes an extroverted person to get the most out of the co-living experience.
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Joey Hadden

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