Key Takeaways:
- A growing number of older adults are deciding to share housing with other people.
- Roommates can help older adults by both reducing their living costs and increasing opportunities for socialization.
- There's no age limit on getting a roommate!
or many retirees, living with roommates is a way to reduce the cost of rent and utilities, freeing up extra cash.
Not only will you save money, but many retirees benefit socially from living with a roommate.
Baby boomers and seniors are moving in with roommates to save money, share chores and improve quality of life.
You’re not alone, especially if you live in a major urban area. The cost of living is soaring, and as baby boomers age into retirement and beyond, they are facing skyrocketing costs for everything from assisted living facilities to home care to nursing homes to hospice care to long-term care insurance.
That's why many baby boomers and seniors are choosing to live with roommates in order to reduce expenses, share chores—and improve their quality of life.
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A study found that 59% of people who get roommates later in life have saved money by sharing housing costs.
The study was conducted by the National Endowment for Financial Education (NEFE).
Another study conducted by the Consumer Financial Protection Bureau (CFPB) found similar results about living with roommates: those who shared housing costs saved an average of $7,000 per year.
The top reasons why older adults choose to live with roommates.
Many older adults decide to live with roommates for different reasons. Here are some of the most common ones:
- Financial reasons: including the desire to avoid being a burden on family or friends, are top reasons why older adults choose to live with roommates.
- Companionship: they want someone to be there for them in their later years.
- The desire for regular socialization: older adults want company and opportunities for conversation as well as shared activities.
There's no age limit on getting a roommate.
It's never too late (or too early) to find someone with whom you can live together and create a new home. The days of living alone are over! It's time for you to get out there and find yourself a roommate.
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