Remote work can save you thousands annually. Here’s a quick breakdown:
- Monthly Savings: Remote workers spend ~$423/month on work-related costs, compared to $863 for office workers. That’s over $5,000 saved yearly.
- Housing Costs: Coliving spaces nearby, tailored for remote workers, bundle rent, utilities, and amenities into one payment. They’re often 20-50% cheaper than traditional housing.
- Example: A coliving space in NYC costs $1,799/month (all-inclusive), while a studio apartment averages $3,500/month (rent only).
- Flexibility: Coliving offers short-term leases and built-in communities, while traditional housing provides privacy and long-term stability.
Quick Comparison
Coliving is ideal for remote workers seeking convenience and cost savings, while traditional housing suits those prioritizing privacy and customization. Choose based on your lifestyle, budget, and work needs.
1. Costs of Coliving Spaces
Coliving spaces make managing housing expenses easier by bundling rent, utilities, internet, and furniture into a single payment. This approach simplifies budgeting, cutting out the hassle of juggling separate bills or upfront costs like deposits and furniture purchases.
In cities like NYC and Atlanta, coliving spaces can help residents save anywhere from 20% to 50% compared to traditional housing. Globally, cities like Rotterdam offer competitive all-inclusive coliving options, making them a practical choice for remote workers, especially those relocating for work.
For remote workers, these spaces also cut down on commuting and related costs. With coworking areas, cleaning services, and networking events included, additional lifestyle expenses are minimized. Overall, the bundled amenities and services of coliving spaces often lead to a 20-50% reduction in monthly living expenses compared to traditional housing in the same area.
While coliving offers clear financial benefits and convenience, it’s worth comparing these advantages to the costs and features of traditional housing to ensure it’s the right fit.
2. Costs of Regular Housing
Living in a traditional apartment often means managing a range of separate expenses beyond just the rent. These include utilities, internet, and maintenance fees. For example, in New York City, a studio apartment averages $3,500 per month. Add around $200–$300 for utilities and $863 for commuting, and the costs can quickly pile up. Compared to coliving, this setup is often more complicated and expensive.
Unlike coliving spaces, which offer all-inclusive pricing, traditional housing requires handling multiple bills. On top of that, extra costs like security deposits, furniture, and maintenance fees can sneak up on you, making it pricier than it initially seems.
Here’s a quick look at typical monthly expenses for traditional housing:
Traditional leases also tend to lock you into long-term commitments. Breaking a lease early often comes with penalties, adding to your overall costs. This rigid structure stands in contrast to the flexibility of month-to-month options offered by coliving.
Of course, housing costs vary widely depending on location. While a studio apartment in New York City might cost $3,500, similar apartments in smaller cities or suburban areas are often much cheaper. However, these savings might be offset by higher commuting costs or the need to own and maintain a car.
While traditional housing may provide more privacy and independence, it’s important to weigh its financial and logistical challenges against coliving’s bundled pricing and convenience.
Advantages and Disadvantages of Each Option
When weighing coliving spaces against traditional housing, each comes with its own set of pros and cons that impact both lifestyle and budget:
Coliving spaces are ideal for those looking for a hassle-free living arrangement. With ready-to-use amenities and a built-in sense of community, they’re especially appealing to remote workers who want a functional workspace and easy social connections. The simple payment structure and short-term leases make them a great option for people who value flexibility and minimal commitment.
On the other hand, traditional housing offers full control over your living environment. While it requires more effort to manage and often higher upfront costs, it provides unmatched privacy and the ability to design your space exactly how you want. This option is better suited for those who prefer independence and long-term stability over shared amenities and services.
For remote workers, these factors play a key role in finding the right balance between work, personal life, and financial goals. Deciding between coliving and traditional housing ultimately comes down to your priorities - whether that’s flexibility and community or privacy and customization.
Final Thoughts
Remote work-friendly housing, like coliving spaces, can make remote work even more affordable by cutting down both living and work-related costs. The numbers speak for themselves. Coliving spaces listed on platforms like Coliving.com, available in over 350 cities, often offer better value for remote workers. For instance, a fully-furnished coliving option in Rotterdam starts at €690 per month and includes utilities, high-speed internet, and workspace amenities - expenses that are usually separate in traditional housing.
The savings don’t stop at rent. Traditional housing often comes with extra upfront costs, like security deposits, furniture, and utility setup fees. Coliving spaces simplify this by bundling everything into one payment, removing many of these additional expenses:
These differences make it clear: choosing the right housing option can have a big impact on your finances and work-life balance. Coliving spaces are a convenient, budget-friendly choice that includes ready-to-use workspaces and built-in communities. On the other hand, traditional housing offers more privacy, autonomy, and the potential to build equity over time.
Your decision comes down to your priorities. Think about what matters most - whether it’s saving money, having flexibility, or valuing privacy. Your housing choice should align with your financial goals and support your remote work lifestyle.
FAQs
Is remote work more cost-effective?
Remote work can lead to notable financial savings for both employees and businesses. Employees save an average of over $440 per month on commuting, meals, and similar expenses - adding up to more than $5,000 annually. On the business side, companies save around $11,000 per remote worker by cutting down on office space and related costs.
For office workers, daily expenses like commuting, meals, and coffee average $48.80, which adds up quickly over a month. When you factor in traditional office overhead, it’s easy to see why remote work is becoming a more appealing option financially.
The savings don’t stop there. Pairing remote work with options like coliving spaces can stretch your budget even further. These spaces often include rent, utilities, and workspace amenities in one package, making them a practical choice for remote workers.
According to Global Workplace Analytics, 81% of employees in hybrid work setups report lower stress levels. So, beyond saving money, remote work also offers lifestyle perks, especially when combined with flexible housing solutions like coliving.
