By "cohabitation" I mean an intimate, long-term, at-least-mostly monogamous arrangement between unmarried people, regardless of whether it's taking place under one roof. Children may or may not be involved. It seems to be most prevalent among those who are affluent, unconventional, and mutually independent (e.g., rich entertainers).
I just realized one obvious reason why this practice is considered preferable to the marriage bond: cohabitation makes divorce much less of a hassle. The commitments, responsibilities, and benefits conferred on marriage by law simply don't mix well with casual, ephemeral interactions between fiercely egocentric individuals. In view of this, the dismal statistical record of cohabiting couples isn't surprising because it's engineered at the outset. It's one of cohabitation's most salient "pros".
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