Boommates: Home Sharing and Seniors with Roommates

The Real Estate Education Podcast

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🟢 Boomers Taking on Roommates: Many Baby Boomers are increasingly opting to share homes with roommates, or "boommates," due to rising property taxes, insurance costs, and limited downsizing options.

🟢 Economic Pressures and Shared Housing: Fixed incomes and increasing housing costs are pushing Boomers to rent out extra rooms instead of downsizing, especially since 28% of U.S. homes with three or more bedrooms are owned by Boomers.

🟢 Growing Roommate Trend Among Older Adults: Since 2014, the number of people over 45 with roommates has surged from 10% to 25%, with the largest growth seen in the 65+ age group, reflecting a 525% increase.

🟢 Websites Supporting Room Rentals: Platforms like SpareRoom, focused on renting individual rooms, report significant increases in roommate arrangements, especially among adults over 45.

🟢 Financial Benefits for Boomers Renting Rooms: For Boomers with larger homes, renting rooms provides additional income while alleviating financial strain, making it a practical alternative to moving.