Rising Trend of “Boommates”- Boomers Forced Into Getting Roommates

In the face of rising inflation and escalating housing costs, an unexpected demographic is turning to home-sharing: baby boomers. This trend, which they’ve dubbed “boommates,” is a growing phenomenon reshaping how we think about aging, housing, and financial security.

The Rising Tide of Home-Sharing

For years, Becky Miller, a 72-year-old retired receptionist, lived alone with only her green-cheeked conure, Maxi, for company. But with her mortgage and living expenses consuming over half of her income, she invited a roommate into her home. 

Enter Marlene Mears, a 64-year-old divorcee who moved into Miller’s Longmont, Colorado, home a year and a half ago.

The pair found each other on Silver Nest, an online platform that matches older homeowners with housemates. According to Silver Nest’s President, Riley Gibson, the platform has seen a significant increase in activity since the start of 2022, with two to three times more activity than in previous years. 

This surge is primarily due to the financial pressure of rising inflation and housing costs.

The Financial Burden of Housing

Harvard’s Jennifer Molinski explains that this trend is part of a much longer-term shift. 

Over a third of older adults are burdened by housing costs, paying over 30% of their income on housing. For half of these individuals, housing costs consume more than 50% of their income. 

This financial strain often leads to cutbacks on necessities like food and medical care, affecting economic well-being and overall health.

The Unexpected Benefits of Home-Sharing

While the financial benefits of home-sharing are clear, the social benefits are equally significant. 

Brenda Atchison, who rents a room in her Boston home to a young graduate student, Christian, found that sharing her space led to unexpected companionship. 

Christian, who is studying public health at Boston University, provides a sense of security and connection for Brenda, who is single.

This connection is crucial, as social isolation for the elderly is linked to higher risks of depression, dementia, and premature death. 

Becky Miller, who initially had reservations about sharing her space, now enjoys the companionship and the shared responsibility of cooking meals.

Home-Sharing: A Careful Consideration

However, it’s important to note that home-sharing isn’t for everyone. It requires careful consideration of the pros and cons of renting out a spare room and making a list of what one wants and doesn’t want in a housemate/renter. 

Resources like SharingHousing.com offer various articles, online lessons, and resource books that can help determine whether this is a good option.

Home-sharing programs, often run by nonprofit organizations, help homeowners and renters by conducting a thorough review process. This includes checking references, performing background checks, and considering lifestyle habits to ensure a good match. 

These programs also assist in creating the rental agreement, which outlines specific rules and expectations about things like smoking, pets, chores, guests, use of shared spaces, and quiet hours.

The Future of Home-Sharing

As more boomers retire and the cost of living continues to climb, home-sharing may become more commonplace. 

We will have to get creative and, try new things, find new ways of living. Says Brenda Atchison and Becky Miller, who found themselves in housing insecurity, turned to home-sharing as a solution. 

While financial stability is necessary, they value the social peace and relationships of sharing a home. They have found that these relationships are born out of necessity but have become less transactional and more meaningful.

In Hawaii, there’s a specific program called Homesharing Hawai’i, a nonprofit Hawai’i Intergenerational Network project. This program is designed to help older homeowners in Hawaii find suitable renters, demonstrating how localized solutions are emerging to address this trend.

If a local home-sharing program isn’t available, online home-sharing services like Silvernest.com can be used. 

These platforms provide a convenient and accessible way for older adults to connect with potential housemates. 

For those who prefer a younger housemate who can help with some household chores, Nesterly.com is an option. This online home-sharing agency matches young renters with older adults looking to supplement their incomes and share their space.

The Savvy Baby Boomers

Home-sharing is a growing trend among baby boomers that offers financial and social benefits. However, it requires careful consideration and the use of resources to ensure a good match between the homeowner and the renter. 

As we navigate these challenging economic times, it’s clear that new solutions and ways of living are not just possible—they’re already happening. The boommates trend is a testament to the resilience and adaptability of the baby boomer generation.

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