Why not? Generations of children shared room and lived to tell the tale.
Until recently my kids shared rooms. We have 8 kids in a 4 bedroom house. Older girls had one room, they're 19 and 20. Older boys had one room, 21 and 20. Then the 3 of the younger ones shared a room, boys and girls, 11-6. The 3 year old was still with me.
Then my 20 year old son moved out, and the 20 year old DD is rarely here. so now we have the 19 year old and the 8 year old sharing a room, both girls. Next my 21 year old and 11 year old son share a room, and the 6 year old son and 3 year old DD share a room.
Sure it's not perfect. A staggered bed time, and some ground rules make things go a lot smoother.
Sharing rooms is the first introduction to compromising that kids encounter. There was a time that it was very rare for kids to have their own rooms, now it seems to be the only way to go. I don't get that, I shared with my sister who was 7 years younger then me and we lived to talk about it, and we didn't hate it. My kids don't hate it, but my kids have always been super close and for the most part enjoy each others company even the older to younger ones. Heck the son moved away and comes and get's his younger siblings to spend the night with him...
I say go for it, it's a good lesson for the kids.