Despite the overwhelming desire of the baby boomer generation to grow old in their current homes, practical challenges such as living costs and increased housing prices appear to be leading more older people to live with roommates, or “boommates,” according to a column published this week by Next Avenue.
“As housing prices rise and property taxes and insurance bills soar, it’s becoming increasingly difficult to grow old in one’s familiar surroundings,” the article states. “As a result, sharing homes and renting to ‘boommates’ – roommates of the baby boomer generation – has become increasingly popular. While there’s no reliable estimate of how many Americans are avoiding moving and instead staying in their own homes, the housing market has created a tipping point for those who choose not to cash in their home equity for a new home.”
John F. Wasik, the author of the article and a frequent commentator on retirement topics, told the story of a neighbor named Linda Wiens who owns a house similar to his but decided to convert the lower floor into an apartment and rent it out.
“(I wanted) to make better use of my house – it was too big for one person,” she told Wasik.
There is no single factor driving baby boomers’ increasing openness to cohabitation. While in the past many retirees often sold their larger family homes for a smaller apartment in a sunnier part of the country, record-high housing prices have put those scenarios out of reach for many retirees, the article says.
“This has created incentives both for retirees who want to stay in their homes and for home seekers who need affordable rental accommodation,” the article says.
Data from a non-profit housing organization Front porch According to the source cited in the article, “the average income of a homeowner who wants to share his home with another roommate is just over $46,000, while the income of the average home seeker is around $40,000.”
A July story from Changing America, a subsection of the political news channel The Hillhad previously reported that these cost concerns had made renting out parts of a home a more viable solution for older Americans.
Current data from Focus on health also illustrated why aging in place is viewed as a social barrier by some seniors. A survey conducted by the organization highlighted older Americans’ fears about problems arising from aging in place and included testimonials from respondents.
The nature of the concerns varied. For example, one respondent was worried about being home alone in the event of a sudden medical emergency. Another woman expressed concerns about the thought of burdening her adult children by living alone and needing help.
