Edit ModuleShow Tags

How homesharing redefines the meaning of roommates

Baby boomers are set to cash in on the trend


Published:

The word “roommate” immediately conjures up images of college students and recent graduates cramming one too many people into an apartment with rent that likely absorbs at least 50 percent of their monthly income.

Here in Colorado, this reality is all too common as the average rent for a one-bedroom apartment is $1,350. It’s not pretty, but the younger generation seems to be making it work as Colorado continues to lure a steady stream of millennials into our state.

But what does this mean for local residents age 50 plus? Colorado boasts the largest population of baby boomers per capita of any state, estimated as 32 percent by the U.S. Census. And this demographic is on a trajectory to swell to more than 140 million nationwide by 2030.

At the same time, baby boomers are beginning to face the realities of fixed income living and potentially chronic health concerns that make it more difficult to navigate this dynamic housing market. In addition, many wish to stay in their homes or “age in place” as they grow older. In fact, 75 percent desire to live in their own homes for the rest of their lives, while 64 percent are also looking for ways to lower their expenses.

Taking on a roommate is likely something they haven’t thought of in at least 30 years (cue image of college apartment with mom and dad’s hand-me-down furniture), but as the sharing economy continues to present new options to rethink how we access goods and services, finding or becoming a roommate later in life may be just the answer.

Spurred by the sharing economy, homesharing is a fast growing sector of the economy that is not just limited to younger generations.  According to Nielsen Research, nearly 10 percent of global baby boomers, ages 50 to 64, indicate they are likely to use or rent products from others in a sharing community.

And this number is significant given the high rates of homeownership among this population. The Bureau of Labor Statistics estimates that 46 percent of homeowners ages 55 plus and 72 percent ages 65 plus own their home without a mortgage. Homesharing presents a new option for this aging demographic to monetize their existing assets and create greater financial stability, let alone shared experiences that can be so vital later in life.

Edit Module
Wendi Burkhardt

To Silvernest CEO Wendi Burkhardt, home is where the big ideas are. Wendi has decades of experience uniting strategy and technology to build success for everyone from venture startups and rapid-growth tech firms to Fortune 500 corporations. Learn more about Silvernest.

Get more content like this: Subscribe to the magazine | Sign up for our Free e-newsletter

Edit ModuleShow Tags

Archive »Related Articles

Five Guiding Principles After Five Years on Outside’s Top 5

In the spirit of celebrating this honor, we’re pleased to share five of the guiding principles we live and breathe at our agencies.

Driverless Cars in a Dumbed Down World

Drivers have already become more passive with increased reliance on improved safety technology

Elevations Foundation Awards $50,000 in Community Grants

Each year, Elevations Foundation, the charitable arm of Elevations Credit Union, awards community grants to local nonprofits making a difference along the Front Range.
Edit ModuleShow Tags
Edit ModuleEdit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags
Edit Module