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Senior Resources » Shared Housing » Roommates for Boomers: 5 Ways Sharing Your Home Can Save You Money

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

Multiethnic group of female roommates sitting on couch.

When most people hear the word “roommates”, they instantly think of college students or twenty-somethings living in a big city. However, the concept of having a roommate isn’t limited to any specific age demographic. In fact, statistics show that the number of people over 50 living with roommates is growing at nearly twice the rate of any other age group (according to SpareRoom). Boomers might seek a roommate for many reasons. Maybe you’re lonely, or maybe you want to age in place as safely as possible. Of course, there are financial benefits, too! Here are 5 ways sharing your home can save you money.

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

grocery shopping senior woman

Let’s face it—food and electricity aren’t cheap. If your monthly utilities bill or Wal-Mart receipt have you raising your eyebrows, then good news. Your roommate can help slash those costs in half.

2. You can save on gas by carpooling.

hands on steering wheel

If one person in the household has to run errands or go to an appointment, why not make it a group event? Not only is this a great way to spend time with your roommate, but you’ll also be saving money on gas!

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Related: 5 Tips to Help You Find a Roommate After 60

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

dog and cat

We all love our furry friends, but pet ownership is an investment—both emotionally and financially. If you’ve ever been on vacation, you’ve probably hired a pet-sitter or boarded your furry friend at a kennel. Good news—if you have a roommate, you have a built-in pet-sitter! Gone are the days when you’ll have to fork over hundreds of dollars to make sure your pet is well taken care of while you’re out gallivanting across the globe.

4. You can ask for monthly rent.

Three senior roommates hugging each other and enjoying each other's company.

Even if your future roommate is a friend or even a family member, don’t be afraid to ask for monthly rent! Pro tip: to avoid any uncomfortable conversations, discuss rent before you invite anyone to move into your home.

5. You’ll save on furnishing costs.

living room

Most of us like sprucing up our living spaces. Whether it’s hanging a new painting or trading that floral monstrosity of a sofa from the 70s for a stylish leather couch, home decorating is both fun and satisfying! Unfortunately, it can also be a tad expensive. However, if you’re living with a roommate, you’ll definitely save on furnishing costs! So, if there’s a home project you’ve been dying to do, maybe you can turn that into a reality.

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More helpful resources:

Senior Home Sharing

Originally published October 09, 2023

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