Senior Spotlight: Have You Considered a Boommate?

The Bobbi Decker real estate blog has long been following creative and custom lifestyle solutions, and we’ve been following the ‘boommate’ trend since it emerged with greater popularity in 2022 as cited by the Center For Retirement Research at Boston College. At that time, industry experts asserted that Baby Boomers’ search for roommates (Boomer + roommate = boommate) has doubled in the first 6 months of 2022 compared to the prior year.

The latest headlines confirm this trend is not only here to stay but growing in popularity and proving to be a win-win situation on a number of levels. The New York Post describes how Baby Boomers choosing to rent out rooms actually solves two epidemics: that of housing costs and of loneliness. Harvard University’s Joint Center for Housing Studies has reported that 11.2 million older adults have become cost-burdened as housing costs surge to over 30% of their household income; sadly, homelessness rates are also increasing among the elderly. Coupled with the World Health Organization citing loneliness a global health threat that is as dangerous as smoking 15 cigarettes a day – you can see how room sharing can literally be cost and lifesaving.

Nearly 30% of homes with 3 or more bedrooms are owned by Baby Boomers, and recent data reveals that nearly $1 million Americans over aged 65 have opened their homes to non-relatives. One of the most popular websites for creating boommate matches is HomeShareOnline (formerly Silvernest).

Beyond loneliness and inflation, home sharing also helps the issue of housing inventory. While many Boomers are choosing to rent rooms to those in a similar season of life, multi-generational matches are also popular. Boomers may rent to a college student or young adult in a new career, as affordability and availability create a challenge for individuals of all ages.

With an estimated 15 million of older adults living alone, and over 11 million of them owning homes with two or more bedrooms – the concept of having a boommate is not likely to decline anytime soon. If you can help solve the housing crisis, prevent loneliness and stay in your home… it may be a worthwhile option to consider.

That being said, look for future reads on choosing a  suitable boommate, staying safe and avoiding scams and fraud on your search. Those who have done it frequently reveal that the advantages of having a boommate are more than worth it!

Warmest regards,

Bobbi

Resources Used: Could ‘boommates’ help ease the housing crisis?, Retirement’s a Struggle? Get a Boommate!, How Baby Boomer ‘Boommates’ are beating inflation and loneliness: ‘I’m happy as a clam’, ‘Boommates’: Many Baby Boomers are turning to home-sharing to tackle unaffordable housing

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