Buzz
Currently, nearly half of renters are deemed ‘cost-burdened,’ meaning rent is way too expensive (more than 25% of them allocate over half their income to housing costs). At the same time, older Americans, particularly Baby Boomers, are holding onto their spacious homes rather than selling, which is driving up home prices and worsening the housing shortage that started during the pandemic.
There’s also an ongoing 'loneliness epidemic,' as our increasingly isolated, digital lives leave many feeling down and alone regularly, regardless of age. Together, the pursuit of affordable housing and human connection can be a major challenge for both younger and older generations.
Surprisingly, there is a potential solution to both issues: Boommates.
What exactly is a 'boommate'?
Traditionally, people followed a path where they started a family, bought a house large enough for their kids, and then sold it once the children were grown. However, Baby Boomers, as they reach 'peak 65' with the youngest members of this generation now hitting retirement age, are holding on to their larger homes for various reasons. Many of these homes are paid off, and those with mortgages have low interest rates that feel almost unreal in today’s economy. Around three-quarters of people over 50 prefer to 'age in place' in the homes they've established their lives in.
This means many older Americans are living alone in large homes with several bedrooms and bathrooms. These homeowners have realized they can rent out those spare rooms: Nearly a million people over the age of 65 now share their homes with intergenerational housemates. Platforms like HomeShare Online and Nesterly help connect people seeking housemates, with Nesterly specifically offering discounted rent in exchange for help with household chores for elderly homeowners.
Why you should think about getting a 'boommate'
Intergenerational living with a boommate offers several potential advantages:
Financially, those unused bedrooms can generate income for the homeowner. Most individuals over 65 lack sufficient savings for retirement, and renting out extra rooms could bring in up to $14,000 per year to boost their retirement funds.
For younger renters, this offers an affordable alternative. Renting a room is significantly cheaper than renting a full house or apartment, potentially saving as much as $24,000 annually. Additionally, many older homeowners may offer reduced rent in exchange for assistance with household chores and maintenance. On top of that, both the homeowner and tenant can lower their overall cost of living by sharing expenses.
Emotionally, inviting roommates can reduce the loneliness and isolation that often affects older adults, especially those who are “empty nesters” with children living far away. They also face the difficulty of maintaining friendships after the age of 50; having younger adults around can help fill that gap. Loneliness isn't just an issue for seniors: Almost 80% of Generation Z and over 70% of Millennials report feeling lonely, making them likely to benefit from a boommate situation as well.
Lower rent and reduced loneliness—if affordable housing is a struggle, a boommate could be the perfect solution, especially if you’re navigating life alone without a strong support system.
