Affordability varies. Some cohousing neighborhoods now incorporate approaches to maximize affordability, but most often construction, consultants and financing costs are similar to those in any new development. Cohousing homes tend to be comparably priced with other single-family houses, townhouses or condominiums in the area. In addition to your new home, however, you also will benefit from a custom-designed neighborhood and extensive common facilities, as well as ongoing costs that tend to be less than in a typical U.S. home.
Reduced living expenses result from living collaboratively. For example, optional community meals several times a week can save money, as can other practices such as energy-efficient design and building, or commonly owned equipment such as one lawnmower per neighborhood. Driving expenses tend to be lower because many social activities occur in the neighborhood and carpooling is common. Residents also often make group purchases of food and home maintenance items, and handle neighborhood chores themselves instead of paying for outside labor. Additionally, several families may share the costs for kids’ play equipment and childcare. Residents typically pay homeowners’ dues in cohousing, but community work-sharing can offset many costs.
Some states, counties or municipalities require developers of multi-family housing to have a certain percentage of the new units meet a standard for “affordability.” People in cohousing usually welcome this, and often wish they could make even more than the required percentage affordable. Unfortunately, unless the developer can get public or private subsidies or grants, a community can build only a limited number of affordable units without significantly driving up everyone else’s costs.