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Over 11 million children – more than 15% of the nation’s children – live with a parent in a household shared with an adult extended family member or nonrelative. Research on how shared households and shared household instability affect child wellbeing lags far behind research on parents and their romantic partners. We use data from the 2014-2023 panels of the Survey of Income and Program Participation (SIPP) to estimate the effect of shared household residence on material hardship in children’s households, with a focus on variation by whether the child’s family is living in someone else’s home as “guests” or is living in their own home and “hosting” an additional adult. We show that 8% of children and their parents are hosting extended family or nonrelatives and 6% are living with their parents as guests in someone else’s home. We observe a range of material hardship outcomes including food insecurity, difficulty paying rent or mortgage, and difficulty paying utility bills. We use multiple methods to estimate whether transitions into and out of shared households reduce or increase material hardship in children’s households.