American Senior Citizens Are Being Forced To Put Their Lives In Jeopardy By Home Sharing.
American senior citizens expected to live their golden years in peace and serenity. However, 21st century America is not what these aging baby boomers were expecting. American senior citizens are being forced to rent out rooms in their homes like Blanche Devereaux from the Golden Girls.
Statistics show seniors now make up nearly one in three shared households. The number of seniors doing home sharing has tripled since 2005.
Home sharing was once the province of 20 somethings looking to handle the high cost of owning or renting. Now, seniors are being forced to home share in order to survive on a fixed income.
Seniors now account for 30% of house-sharing households.
Census Bureau figures show that adults 55-64 years old between 2005 and 2023, who home share has almost doubled to 1 million. That is an increase from 9% to 14% during the period.
The share of house-sharers 65 and older increased by 270%. The oldest group now accounts for more than a million or 15% of all house-sharing households.
Overall, a record 6.8 million households share their homes with people who are unrelated. That number had been rising since the 2008 housing crash. It has increased from 5.3 million in 2008 to some 6.7 million in 2019.
American Senior Citizens Who Home Share Are Outpacing Gen Z
Young adults in the 25-34 age group make up the second largest group of home sharers. Gen Z makes up roughly 1.6 million or 23% of households.
College-age adults ages 18-24 make up the second-largest group of house-sharing householders at 1.2 million, or 17%, of the total.
While their total counts are substantial, they represent a decline since 2005 when 1.3 million of college-age adults shared housing with unrelated roommates.
Back then, they accounted for 22% of house-sharing households.
And, unlike the rates of house-sharing among younger adults, the rates for seniors appear to be less cyclical. While still largely unconventional among 55 and older householders, house-sharing is on the rise, the NAHB economist says, potentially offering a cost-effective option for older adults to stay in place as they age.
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