High housing costs mean more seniors seeking roommates : NPR
NPR • • nation
Key Points:
- David West, a 72-year-old former Hollywood cinematographer, faced financial hardship after personal losses and moved from Los Angeles to Fresno, where he now rents a room in a stranger's home to save costs.
- The trend of older adults renting with roommates is rising sharply, with the share of adults 65 and over seeking roommates tripling in the past decade, driven by high housing costs and financial strain.
- Housing affordability challenges disproportionately affect older adults, with over a third of households headed by those 65 and older struggling to pay housing costs in 2023, especially women living alone.
- Major life events like chronic illness and loss of a spouse increase financial vulnerability for older adults, leading to higher debt, credit issues, and risks of bankruptcy or foreclosure.
- Despite some inconveniences, many older adults appreciate the social and financial benefits of house-sharing, valuing companionship and flexibility while learning to live with fewer possessions.
