Roommates for Boomers: 5 Ways Sharing Your Home Can Save You Money

What comes to mind when you hear the word “roommate”? College kids? The Friends theme song? We tend to think of roommates as something only young people have, but we’re here to tell you that couldn’t be further from the truth! In fact, according to statistics from SpareRoom, the number of people over 50 living with roommates is growing at nearly twice the rate of any other age group. It really isn’t surprising. Not only is the cost of living skyrocketing to almost untenable heights, but a lot of Boomers have roommates for reasons beyond their checkbooks. Some are lonely, living too far away from their family and friends to see them outside of birthdays and major holidays. Others might simply feel safer knowing another person is living under their roof.

Maybe you’re someone who wants to hop on the roomie bandwagon and live all your Golden Girls dreams. Or maybe you still aren’t convinced that sharing your home with another person is a good idea. Whatever the case, there are quite a few benefits to having a roommate! Here are 5 that just might convince you to start clearing out your guest bedroom and looking for someone to fill it!

1. You can split the cost of utilities and groceries.

Did you know that the typical American family spends over $2,000 on average per year for home utility bills (per EnergyStar.gov)? Factor in the $6,000 a year the average American household spends on groceries, and it isn’t hard to see why a lot of folks are struggling! If your monthly utility bills or Wal-Mart receipts have you raising your eyebrows, then we’ve got good news. Your roommate can help slash those costs in half!

2. You can save on gas by carpooling.

Have you driven by your local gas station lately and almost choked when you saw the price of gas on the marquee? We’ve definitely been there! Worse still, the cost of gas in the USA has risen by nearly 25%, thanks to recent events. And that’s where your roommate comes in! No, a roommate won’t magically make gas prices go down, but they can help you save money on gas with carpooling. If one person in your household has to run errands or go ot the doctor, make it a group event! Not only can you get in some quality time with your roommate, but you can also save some money on gas!

3. You won’t need to hire a pet sitter (or call a kennel).

We all love our furry friends, but owning them isn’t for the faint of heart. Or the light of wallet. Believe it or not, dog owners pay around $115 to $440 per month, while cat owners usually shell out around $65 to $290 for their four-legged family members. And that’s not even factoring in vet bills or kennel costs! Unless you take your pet on vacation with you, you’re looking at paying around $25 to $60 per night to board them at the local kennel. Good news―if you have a roommate, you have a built-in pet sitter! You can use the money that would normally go to your pet’s kennel fund for food, drinks, and souvenirs. Make sure you bring back a nice one for your roommate as thanks for watching your fur baby!

4. You can ask for monthly rent.

Even if your future roommate is a friend or even a family member, don’t be afraid to ask for monthly rent! Pro tip: Make sure to talk about rent before you invite a potential roommate into your home. If you live in an apartment, ask them if they’d be willing to pay half of your monthly rent. Don’t be afraid to ask direct questions, like what they’re willing to pay and what their monthly budget looks like. You should also be transparent about your side of things. Make sure that you find a number and resolution that everyone is happy with before anyone rents a U-Haul!

5. You’ll save on furnishing costs.

Most of us like sprucing up our living spaces. Whether it’s hanging a new painting that you bought on a whim at Hobby Lobby or trading that floral monstrosity of a sofa for a stylish leather couch, home decorating is both exciting and enjoyable! Sadly, it’s also another E-word: expensive. According to GoSummer, the average cost of redecorating a living room comes in at a whopping $3,000 to $7000. And that’s only one room! The good news? If you have a roommate, you can save on furnishing costs! Sure, you’ll have to both agree on what color you want to paint the walls and whether or not to get that mahogany end table, but the end result will be a new-and-improved space you both will enjoy! So, if there’s a home project you’ve been dying to do, a roommate might be able to help you turn that dream into a reality.

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