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Global population and the housing crisis: How co-living provides a solution

Published on September 28, 2019 by Qasim Naqvi

The world is in the midst of rising population but dwindling resources. Food, shelter, and clothing are three basic human necessities. Without these, it is difficult to get through the rigors of daily life. While other things are still affordable for most of us, housing is something that falls beyond the budget for many. With co-living spaces, this housing crisis is being taken care of. 

In this article, we explore the extent of population growth, its impact on the housing market and how co-living provides a viable solution to the housing crisis.  

The rise of the global population

The world population has grown with huge leaps over the course of the last 200 years. In 1800, the world population was just one billion but in 2018, the same had grown to 7.6 billion. Rising health standards and quality of life around the world has made a large contribution to this increase. Predictions show that the exponential population growth will continue. 

By mid-2030, the number of people in the world will be around 8.6 billion, according to the UN. In the next 100 hundred, more than 3 billion people will be added to the current lot. 

Shortage of budget accommodation

As the number of people in the world grows, so does the cost of living. Accommodation is something which takes the biggest hit when economies rise or fall. It remains one of the most expensive propositions in human lives. Construction and real estate costs alone make it hard for most of us to lease or buy an adequate living space. 

The segment of society looking for houses are millennials and more than 50% can’t find a place that they can afford. This is a troubling sign but thankfully there is a solution. 

Why co-living provides a way out

Co-living is a relatively new concept where homeowners who have a few extra rooms, open them to people at a fraction of what the market rent is. Since it is a home, it provides all the comforts that a person would need. These homes are also available in some exciting locations. Millennials are acknowledging co-living as an appropriate alternative to renting because of the cost and experiences.

A rented space usually involves a couple of friends or colleagues living on their own. In co-living spaces, however, there are a lot more people to interact with thus enlarging a person’s social circle. 

Finding appropriate co-living spaces

Co-living was a concept that was introduced to make travel less costly. Today though, it is being expanded to include long term accommodations too. Finding the right space involves parameters that fit individual preferences but it is important to know that you are looking in the right place. Thoroughly investigate the platform you are using and then the place you are about to rent. 

Make sure that you visit the home at least before you decide to move in. This will allow you to interact with the owners as well as get a good idea of the place beforehand.  

Final word

Although co-living is making things affordable for millennials, in particular, there is also the fact that these spaces are limited at the moment. Finding a reliable space, therefore, can be a blessing. Thanks to ventures like StartupBnB though, things are changing for the better.

Category: Coliving