Senior Spotlight: The Boommate Trend

It’s no secret that older Americans are more likely to own a home than rent one compared to any other age group. But that doesn’t mean that a notable shift isn’t happening when to comes to combating the loneliness crisis and struggling with affordability. This week, Newsweek reported that adults aged 55+ are the fastest growing segment of the US rental market compared to any other age group. 

Matt Hutchinson, Director of SpareRoom, summarizes that “The roommate market has always been pretty diverse, but as living is getting more and more unaffordable, we’re seeing more older renters entering the market. They’re not the biggest group by far, the 20- to 30-something-year-olds are still the core bit of the roommate market, but the fastest growing groups are the older groups now.”

Between the years 2013 and 2023, the number of renters 65 and over increased by 2.4 million, a nearly 30% increase from the previous decade. This is about 17% of the rental market, and the growth is considered a reflection of the increase of the aging population.

While the aging population is growing, the cost of owning and maintaining a home is growing too. Some Baby Boomers choose to rent out rooms to supplement their income and expenses, while others opt to sell and rent a room to downsize physically and financially. 

A bonus of home sharing at an older age is reduced isolation. The World Health Organization has deemed that loneliness poses health risks as deadly as smoking up to 15 cigarettes a day. It is reported that 1 in 4 older adults suffer from social isolation. The NY Post has cited studies that “perennially being by oneself carries the risk of anxiety, depression, poor immune function, cardiovascular issues, and even brain shrinkage.”

We share this information not to scare you – but to encourage you to evaluate if your best life is the one you are currently living! Do you live with someone, or alone? Do you think you could benefit from increased companionship? Would renting a room improve your financial situation? Would you ever want to sell your home and become a ‘boommate’?

We hope that a little thinking outside the box has you reflecting on where you are your happiest! 

Bobbi 

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com

NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/