For Cheaper Rent, Find a “boom Guy”
Today, about half of renters are ” cost-burdened ,” which is a fancy way of saying rent is too damn high (more than a quarter of them spend more than half their income on housing). And older Americans—your baby boomers —are not selling their big, comfortable homes like they used to, driving up home prices and exacerbating a housing shortage that began during the pandemic.
There is also a ” loneliness epidemic ” as our increasingly isolated and online lifestyles leave many of us (of all ages) feeling depressed and lonely on a regular basis . Taken together, the struggle for connectivity and affordable housing can be a major challenge for people in both age groups.
However, there is an unexpected solution to both problems: Boommate.
What is “boommate”?
The traditional progression for people was to start a family and buy a house large enough to accommodate those children, and then sell the large empty house when the children grew up. But baby boomers, who are reaching ” peak 65 ” when the youngest members of this generation reach retirement age, have plenty of reasons not to sell those big homes. Many are paid off, and those that still have mortgages have interest rates so low that they seem almost mythical in the modern era. And about three-quarters of people over 50 want to “age in place” in the homes in which they have built their lives.
This means many older Americans are wandering around large homes with multiple bedrooms and bathrooms, all alone. And these older homeowners realized they could rent those bedrooms: nearly a million people over 65 now have intergenerational housemates. There are even platforms that help people find housemates with a focus on intergenerational living, such as HomeShare Online and Nesterly , which specifically offer rental discounts for people willing to take on some of the household chores for older homeowners.
Why You Should Consider a “Boom Guy”
There are many potential benefits of intergenerational living with a boomer:
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In economic terms, all those empty bedrooms represent income for the homeowner. The vast majority of people over 65 don’t have enough money saved for retirement, and renting out empty bedrooms can earn them up to $14,000 a year in addition to their pension.
There is an opportunity for young people to reduce their rent. Renting one room is cheaper than renting an entire house or apartment (and can save renters up to $24,000 in rent per year). And many older homeowners are willing to negotiate lower rents in exchange for help with housekeeping and maintenance. Additionally, the overall cost of living can be reduced for both the homeowner and renter as the costs are shared between them.
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From a psychological perspective, bringing in roommates can help alleviate the loneliness and isolation experienced by many older adults who have become “empty nesters” with adult children living far away while simultaneously having difficulty keeping and making friends after age 50 ; having young people around can fill that void. And loneliness doesn’t just affect older people: Nearly 80% of Gen Zers and more than 70% of millennials consider themselves lonely, so they may also benefit psychologically from being with a boomer.
Lower rent and less loneliness – If you’re struggling to find affordable rent, a boom partner could be the perfect solution, especially if you’re going it alone without support.