5 Benefits of Intergenerational Home Sharing for Seniors
What do Baby Boomers, Millennials, and older Gen Z-ers have in common? They’re all being affected by inflation and high housing costs!
Most seniors want to age in place. And, over 75% of Baby Boomers own their homes to do just that! However, financial hardships caused by inflation and a variety of other economic factors have made living on a fixed income more difficult than ever.
And, Millennials and Gen Z-ers who are in college or working to pay off those student loans? Let’s just say, it’s getting rough out there.
Is there anything that can ease the financial struggle?
Well, there’s one solution that has been gaining popularity in recent years: intergenerational home sharing.
What is Intergenerational Home Sharing?
- Shared housing is when two or more people share a living space for mutual benefit. In other words, it’s having a roommate.
- Intergenerational home sharing is when the people living together are from different generations and, usually, unrelated.
Generations Cheat Sheet:
- Gen Z – Born 1997-2012
- Millennials – Born 1981-1996
- Gen X – Born 1965-1980
- Baby Boomers – Born 1946-1964
So, What are the Benefits for Seniors?
Intergenerational home sharing is an idea that has gained some major traction recently. But, why? Are there any actual benefits to a Boomer living with a Millennial? Absolutely! Here are the 5 best reasons for seniors and retirees to consider shared housing with a younger adult!
1. Shared Costs
A younger roommate who is still working can help pay for rent, utilities, and groceries. Like we said: inflation! By splitting the cost of rent, utilities, and groceries, you can save a ton of money each month. It’s a great way to deal with rising living costs and have more cash for things you enjoy.
2. Support
Do you have trouble getting up and down the steps? Maybe your eyesight isn’t quite what it used to be, so driving has gotten difficult. A younger roommate can be a huge aging-in-place support! If you’re in need of lots of help around the house, then consider partnering up with an undergrad – swap a free room for cleaning and errand running!
3. Companionship
Humans are social creatures. And, these days, we understand that mental and emotional health are just as important as a well-balanced diet. Even so, nearly one-fourth of adults over the age of 65 are considered to be socially isolated. Whether you’re divorced or widowed, intergenerational home-sharing can help! Living with a roommate can provide you with companionship and even friendship.
4. Safety
Sure, you can get a dog or a security system (get those too!). But, there’s no comforting feeling quite like coming home after that adult education class and knowing that someone else is there! Not to mention, living with younger a roommate means that in the event of an accident or emergency, help is already nearby.
5. Independent Living
Intergenerational home sharing is a great way to stay independent longer. If you’re not ready to move into assisted living or a life-plan community, then get yourself a younger roommate who can remind you to take your medicine and lock the doors once in a while! Having someone else around to give you that extra nudge every so often can mean all the difference when it comes to staying in your own home. And, as an added bonus, it’ll give your family peace of mind too!
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Originally published October 03, 2024
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