A Finder survey says 5 per cent of its 1000 respondents (equivalent to 971,185 Aussies) had turned to co-living in recent months.
The research comes off the back of an ING survey we mentioned last week that showed savvy millennials were using lockdown to turbo charge savings for a home deposit.
These super savers were pocketing cash from lifestyle changes like reduced shopping, drinking and even dating, to get on the property ladder sooner.
Finder insights manager Graham Cooke said you should aim to keep housing costs to about one-third of your budget.
“Your housing costs should be less than 30% of your total income. If you have the opportunity to move in with someone and reduce that spend, it’s something you should consider,” he said.
More mobile younger generations were more likely than their older counterparts to turn to share housing to save costs.
Just 1 per cent of Generation X had moved in with others, while 13 per cent of Gen Z had made the move as had 7 per cent of Gen Y.
“The younger generation are more likely to be working in industries that have been severely impacted by the pandemic,” Cooke said.
“On the plus side, they’re also more likely to be in a position to change up their living situation and save money.”
Overall millennials remain upbeat about their future, with one in three surveyed by ING saying they’ll buy a home in the next one to two years, and almost a half saying the pandemic has made home ownership more achievable.