New Housing Options for the 50+ Generation.

 

CAROLE MCMANUS Articles for FinanceArticles for LifestyleCommunityHousingResearchResourcesSurveyTRENDS

A NEXT FOR ME MARKET REPORT

This quarter, Next for Me partnered on a housing survey with Silvernest, an online home sharing platform that pairs boomers, retirees, empty nesters and other older adults with compatible housemates for long-term rent arrangements.

Our survey was conducted with Next for Me and Silvernest subscribers in the United States who are between the ages of 40 – 65+.

The majority (35%) were single, with an additional 16% reporting they are divorced, 9% widowed

Responses came from the South (19%), the Midwest (19%), and North East (16%), but the majority (40%) were from the West

36% do not have housing plans post-retirement

Boomers now represent the fastest-growing segment of adults in the market for roommates, according to SpareRoom.com. Harvard University’s Joint Center for Housing Studies reports that in 2017, 1.9 percent of people age 65 and over resided with a roommate or housemate, up from 1.3 percent in 2006. One of the fastest-growing household types in the coming decade will be empty nesters and older singles, totaling 11.1 million additional households age 65 and over.

Although 50% of Boomers say they want to age in place, there are a number of factors that may make it difficult, starting with financial:

49% of our survey respondents say they don’t or “probably don’t” have enough money saved to cover their mortgage or housing expenses in retirement

That doesn’t take into account not-so-extraordinary circumstances like later-in-life “Grey Divorce”, which is likely to take a serious toll on both spouse’s financial health. Factor in loneliness and the safety and accessibility concerns that come with aging, and you get a demographic that is increasingly open to the idea of home sharing.

The 65+ population is growing daily, and more and more of them are putting off retirement, either by choice or out of financial necessity. This aging population will need accessible housing, and those who are financially unprepared will need to find new ways of reducing their housing costs.

The full report “New Housing Options for the 50+ Generation” is included in our annual research subscription. As a subscriber you receive quarterly trends reporting and calls with our editors.

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