People Embrace Money-Saving Trend 'Co-Living,' Opt To Live With Strangers

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PHILADELPHIA (CBS) — Think back to college or when you were just starting your first job, in those days having a roommate was commonplace.

The first-job salary doesn't always allow for living large or alone and college promotes community vibes where having a housemate or roommate is a right of passage.

That right of passage is becoming customary for some, but a new trend called "co-living" is becoming more popular with people. The concept is gaining popularity nationwide.

In New York, a company named Common owns multiple buildings and touts private rooms and beautiful, shared spaces including kitchens and living rooms. Even WiFi is shared by cohabitants and everyone saves money.

"The perk is saving money. That is definitely the perk," says Karin Hoskin, the executive director of the Cohousing Association of America.

Picture co-housing as co-living's older cousin.

Hoskin believes cities like Philly will eventually embrace co-living spaces, especially since rent rates keep rising.

"You don't need a big mortgage and big house if you're a young professional or graduate student but you don't want to be isolated living in a small apartment somewhere," she says.

But getting Philadelphians on board may be a tough sell as most are not interested in sharing a space with strangers.