Supporting Affordable Co-Housing and Co-Living

Northeastern University ScoutLabs Co-living Survey

Co-living is a model of housing where unrelated individuals live together. In the context of Boston’s high-cost housing market, the practice of co-living can unlock affordable housing opportunities in areas that might otherwise be cost-prohibitive, where one can achieve a greater quality of life by living closer to sources of employment and amenities, as well as having the ability to save more money and achieve one's financial goals.

Past iLab pilot projects found that there are more people looking for an affordable room to rent than there are homeowners interested in renting out a room in their home. We have partnered with ScoutLabs at Northeastern University to create a co-living survey in order to understand why this is the case.

The Boston Home Center’s (BHC) traditional Financial Assistance Program (FAP) provides grants for down payment, closing costs, and lower mortgage interest rates to support income-eligible, first-time homebuyers with the purchase of market-rate and deed-restricted homes in Boston. While heavily utilized, high property values and interest rates have restricted the supply of market-rate homeownership opportunities affordable to low and moderate income households. The iLab and the BHC are researching how to allow multiple households to buy homes together with FAP resources through a joint mortgage program to expand the pool of affordable market-rate homeownership opportunities. 

One strategy for expanding the pool of affordable market-rate homeownership opportunities would be a concept called “co-purchasing,” to allow multiple households to combine FAP resources to purchase multi-family properties through a joint mortgage. The Boston Home Center, in partnership with the Housing Innovation Lab, is preparing to pilot a Co-Purchasing Financial Assistance Program (FAP) beginning in early 2025.