Inflation and High Housing Costs Spur More Baby Boomers to Find Roommates
Some Americans in their 60s and 70s are turning to home-sharing because high inflation, rising housing costs, and limited savings are making solo living tough to afford. Twenty years ago, about one percent of older adults were house sharing with nonrelatives. Today, it's over a million older adults, more than double the number in that time. “There's a significant portion of the population going into their mid-60s with $20,000, $30,000 in their 401(k)s or nothing saved,” comments Riley Gibson, president of Silvernest, a roommate-matching Internet platform for older Americans. Some initially resistant to having a roommate now say the social aspect of house-sharing is important as the financial one.