Several generations living under one roof would help ease the housing crunch and the loneliness epidemic affecting half of U.S. adults. It would also cut global warming emissions. Denser living is almost always greener: fewer homes, less energy and more efficiency overall. Freeing up room in Boomers’ homes could also bring young people and suburban families back to communities near jobs and schools, eliminating polluting commutes.
Last year, three-quarters of the U.S.’s housing markets were considered unaffordable. Homeowners are spending about 35 percent of their income on housing costs on average, far above the 28 percent benchmark to be considered affordable. Bigger homes also are scarce because empty nesters are still in them, says Jennifer Molinsky of Harvard University’s Joint Center for Housing Studies. Boomer households without children living at home own an estimated 28 percent of the nation’s large houses with three or more bedrooms, compared with just 14 percent of Millennial households with children, despite this generation outnumbering its Boomer counterparts.
There are good reasons Boomers are holding on to their houses: Older homeowners typically enjoy rock-bottom mortgage rates, and the vast majority prefer to grow old in their own homes. Even for those willing to move, few options to downsize exist because of the scarcity of affordable, “missing-middle” housing units in their communities. That means millions of bedrooms sit empty. The real estate company Trulia estimated in 2017 that 3.6 million vacant bedrooms in baby-boomer households could be rented out in the 100 largest U.S. metro areas.
There are now a variety of services that help people find a Boommate. HomeShare Online (formerly Silvernest) offers nationwide matching with free and paid tiers. Nesterly finds graduate students in college towns willing to help with household chores for discounted rent. An online search will probably turn up a home-sharing agency near you, often at no cost. The National Shared Housing Resource Center lists about 50 nonprofits.
How about you? MEA hopes to create some Golden Girls rental homes in Santa Fe in the future, but until such time, how might you rent out an extra bedroom in your home or be a renter in someone else’s home?
-Chip
P.S. I’m really excited about teaching next week and the following week in Santa Fe with two amazing co-leaders. Next week, we have venture capitalist turned Buddhist executive coach (who’s been called the “CEO Whisperer”) Jerry Colonna and I focused on Reboot: Leadership and the Art of Growing Up. The following week, May 12-17, I’m joined by psychologist and academic Karen Skerrett leading a workshop called Emerging Elders: Wisdom, Growth and Transformation. Look forward to seeing you in Santa Fe!