For Cheaper Rent, Find a 'Boommate'
Today, about half of renters are “cost-burdened,” which is a fancy way of saying the rent is too damned high (more than a quarter of them spend more than half their income on housing). And older Americans—your Baby Boomers—aren’t selling their big, comfortable houses like they used to, which is driving up housing prices and exacerbating a housing shortage that began during the pandemic.
There’s also a “loneliness epidemic” as our increasingly isolated and online lifestyles leave many of us (of all ages) feeling depressed and alone on a regular basis. Put together, the struggle for connection and an affordable place to live can pose a formidable challenge for people on both ends of the age spectrum.
There’s an unexpected solution to both problems, however: Boommates.
What is a "boommate"?
The traditional progression for people used to involve starting a family and buying a house large enough to accommodate those kids, then selling the big, empty house when the kids were grown up. But Baby Boomers, who are hitting “peak 65” as the youngest members of that generation hit retirement age, have a lot of reasons not to sell those big houses. Many are paid off, and those that still carry mortgages have interest rates so low they seem almost mythical in the modern age. And about three-fourths of people over 50 want to “age in place” in the houses they’ve built their lives in.
What that means is that a lot of older Americans are rattling around large houses with several bedrooms and bathrooms, all by themselves. And these older homeowners have figured out that they can rent those bedrooms: Close to a million people over the age of 65 now have intergenerational housemates. There are even platforms that help people find housemates with a focus on intergenerational living, like HomeShare Online and Nesterly, which specifically offers discounted rent to people willing to take on some of the household chores for aging homeowners.
Why you should consider a "boommate"
There are a lot of potential benefits of intergenerational living with a boommate:
- Economically, all those empty bedrooms represent income for the homeowner. The vast majority of people over the age of 65 don’t have enough money saved for retirement, and renting their empty bedrooms could net them as much as $14,000 annually to supplement their retirements.For younger folks, there’s an opportunity for a lower rent. Renting a single room is cheaper than renting an entire home or apartment (and can save renters as much as $24,000 on rent annually). And many older homeowners are willing to negotiate a lower rent in exchange for helping out with chores and maintenance. Additionally, the overall cost of living can be reduced for both the homeowner and the tenant due to expenses being shared between the two.
- Psychologically, bringing in roommates can help alleviate the loneliness and isolation experienced by many older people who have become “empty nesters,” with adult children living far away, while simultaneously experiencing the challenge of keeping and making friends after age 50; having younger adults around can fill that void. And loneliness isn’t just for the Olds: Nearly 80% of Generation Z and more than 70% of Millennials describe themselves as lonely, so they can benefit psychologically from a boommate situation as well.
A lower rent and less loneliness—if you’re struggling to find an affordable rent, a boommate might be the ideal solution, especially if you’re handling everything alone, without a support network.
In light of the high rental costs and the struggle for affordable housing, renting a room from an older homeowner with a Boommate could provide a cheaper rent option, potentially saving you as much as $24,000 annually. Additionally, living with a Boommate can alleviate feelings of loneliness, a common issue for many older adults and also among Generation Z and Millennials, providing a psychological benefit for both parties.
