As the cost of living continues to rise, Americans are finding inventive ways to save money on rent and other necessities. Case in point: 23% of singles say they would consider moving in with a partner quickly in order to save money, according to a new study from DatingNews.com and the Kinsey Institute at Indiana University. However, experts say early cohabitation may not be the wisest move.
"Historically, the duration between meeting someone and moving in or getting married used to be a lot shorter," Kinsey Institute Senior Research Fellow Justin Lehmiller told CNBC. However, as people have prolonged milestones like marriages, that timeline has lengthened, he says.
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"But I think we're at the beginning of seeing things change a little bit in terms of how people are thinking about and approaching relationships," Lehmiller continued.
Gen Z is Leading the Charge
Of the generations included in the study, Gen Z was the most likely to say they'd move in with a partner faster or get married faster in order to save money.
Some 38% of Gen Z respondents said they would cohabitate earlier, and 26% said they'd get married earlier. This is compared to 29% of millennials, 21.8% of Gen Xers, and 11% of boomers who said they'd speed up move-in timelines.
Older generations were also less likely to get married earlier as a way to save money. Only 20% of millennials, 15% of Gen Xers, and 7.2% of boomers said they'd compromise on their marriage timelines.
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Lehmiller says these differences likely come down to each generation's financial security.
"Gen Z is really the most financially strapped generation right now," he told CNBC. "They seem to be more likely to view cohabitation and marriage as a way of alleviating some of the financial strain that they're experiencing."
Economic Hesitation
On the other hand, a number of those polled said that the economy is actually making them take a more hesitant approach to relationships.
In all, 33% of respondents said economic challenges made them more hesitant to commit. About 50% of Gen Zers said money was a factor in their caution around relationship milestones, while just 37.3% of millennials, 30.2% of Gen Xers, and 20.1% of boomers felt the same way.
These findings might "sound paradoxical at first, but [they're] not," Lehmiller said in the study. "It simply reflects the fact that economic issues don't affect everyone the same way."
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Expert Advice
As tempting as it may seem to split your sky-high rent with a partner, Lehmiller cautions against jumping into cohabitation too early.
"Accelerating your relationship timetable is risky," he told CNBC. "You might end up in a situation where you find that this person is not actually a good match for you long term."
Splitting up with a partner you live with can be costly. Moving out of a shared space and starting over can cost more than you would have saved, and leave you in a worse financial situation than you were in to begin with.
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