{"id":9063,"date":"2024-12-05T10:06:19","date_gmt":"2024-12-05T10:06:19","guid":{"rendered":"https:\/\/finderica.com\/home-sharing-allows-more-seniors-to-stay-in-their-homes\/"},"modified":"2024-12-05T10:06:19","modified_gmt":"2024-12-05T10:06:19","slug":"home-sharing-allows-more-seniors-to-stay-in-their-homes","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=9063","title":{"rendered":"Home Sharing Allows More Seniors to Stay in Their Homes"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

When Marilyn* was 74, her husband died and she needed to find a way to pay her bills and stay in her home. That\u2019s when she heard about home sharing, an increasingly popular arrangement in which a homeowner rents out an extra bedroom in their house.<\/p>\n

\u201cI had a master suite that wasn\u2019t being used anymore, so I thought, \u2018Well, why not?\u2019 \u201d she said.<\/p>\n

Five years later, she shares her three-bedroom home in St. Petersburg, Florida, with two housemates who aren\u2019t related to her \u2014 Linda, 65, and Nigel, 53.<\/p>\n

It\u2019s made all the difference. \u201cI wouldn\u2019t be able to stay here if I didn\u2019t have them,\u201d Marilyn said.\n<\/p>\n

The Benefits of Home Sharing<\/h2>\n

It\u2019s not uncommon for young people to have roommates. But in an age of rising rents and spiraling housing costs, a growing number of older empty nesters are opening up their homes to strangers. It helps the homeowners stay in their homes, and it helps renters who can\u2019t afford an apartment.<\/p>\n

Home sharing not only helps people\u2019s pocketbooks. It also helps stave off loneliness, which can affect mental and physical health.<\/p>\n

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\u201cThe No. 1 reason why people home-share is financial, but a very close second is companionship and safety,\u201d said Cathy Coomes, program coordinator for Home Share Pinellas<\/a>, a local housing agency that brought Marilyn and her housemates together.<\/p>\n

Responding to the demand for home sharing, a number of national and regional organizations have cropped up to help with technical details like personality matching and background checks.<\/p>\n

Silvernest and Other Home Share Organizations<\/h2>\n

Here\u2019s a list of home share organizations in 17 states<\/a>. They\u2019re scattered all over. There\u2019s also a national organization called Silvernest<\/a>, which is a roommate finder and home sharing app and website. It has more house listings in some regions than in others.<\/p>\n

\u201cWe\u2019re an online home sharing platform that provides tools such as background checks, identity verification and, importantly, a compatibility algorithm,\u201d said Amy Ford, a vice president at Silvernest. \u201cWe\u2019re helping people find others who share the same interests and values and hobbies.\u201d<\/p>\n

Most of the company\u2019s clients are women in their 50s and 60s, she said. Many are empty nesters who have been widowed or divorced or who have recently ended a caregiving role of some kind. \u201cThey\u2019re in transition, and they\u2019re thinking, \u2018I\u2019ve got 30 to 40 years ahead of me, what do I want to do next?\u2019 \u201d Ford said.<\/p>\n

Many of Silvernest\u2019s clients haven\u2019t had a roommate or housemate in many years. So, in an effort to match homeowners and renters, the agency asks for their opinions on pets, smoking, guests, cleanliness expectations, house rules and even firearms \u2014 \u201call the little components that can contribute to a successful home sharing arrangement,\u201d Ford said.<\/p>\n

Rising rents, high power bills, inflation and a lack of housing supply are all driving interest in home sharing. Ford cites studies that say half of older households in America are severely cost-burdened, paying at least 50% of their income on housing.<\/p>\n

\u201cThe majority of older people own their own homes, but they\u2019re cash-strapped for what they need in retirement,\u201d she said. \u201cAlso, we don\u2019t have enough housing inventory, let alone inventory that people would consider affordable.\u201d<\/p>\n

Although it\u2019s a national organization, Silvernest tends to have more home listings in markets like Los Angeles; Denver; Portland, Oregon; Washington state; Texas; and Maryland. There\u2019s a free version of Silvernest, or a $25 membership that includes a background check on your potential housemate.<\/p>\n

\u201cAlso, it doesn\u2019t have to be forever. You don\u2019t have to think of this as a 10-year endeavor,\u201d Ford said. \u201cYou can just try it out for six months.\u201d<\/p>\n

More Renters Than Homeowners<\/h2>\n

Those other home sharing organizations in 17 states? They all face the same challenge: There are more would-be room renters than there are homeowners who are renting out spare rooms.<\/p>\n

\u201cLike anywhere else, there\u2019s more demand than supply,\u201d said Steven Nagel, executive director of HomeSharing Inc.<\/a>, which operates in New Jersey. \u201cWe\u2019re looking for people who are willing to open their homes.\u201d<\/p>\n

His nonprofit organization makes 50 to 60 home sharing matches a year, with the longest match going on for 24 years now. Most room renters pay $700-$800 a month.<\/p>\n

HomeSharing Inc. interviews homeowners and renters, sets up introductory meetings for them, performs reference checks and background checks on them, and facilitates the signing of a shared housing agreement between the two parties.<\/p>\n

One woman has shared her home for 28 years.<\/p>\n

\u201cShe has had eight matches come through her house,\u201d Nagel said. \u201cThe other seven have gotten their own housing. They were able to save for down payments because they were in her home.\u201d<\/p>\n

Interest in home sharing is surging in various parts of the country. \u201cWe have had a significant increase in seniors who are reaching out and looking for a place to live,\u201d said Tess Fields, executive director of Home Share Oregon<\/a>.<\/p>\n

Saving Up for an Apartment<\/h2>\n

It\u2019s a similar story in the Tampa Bay area, where Home Share Pinellas operates.<\/p>\n

Homeowners sharing their homes there range in age from 55 to 87, with an average age of 71. Room renters\u2019 average age is 61. They\u2019re typically paying rents of $585-$750 a month in an area where the average rent is $1,700 a month, not counting utilities.<\/p>\n

\u201cLast summer I placed four people who had full-time jobs, but they were living in cars or in dumpy pay-by-the-week places,\u201d said Coomes, the program coordinator.<\/p>\n

She added that some people use home sharing to save money for a deposit on an apartment or a down payment for their own home. Also, many of the renters enroll in the program while they\u2019re on a two- to four-year wait list for subsidized senior housing.<\/p>\n

And, like other programs, there are more would-be renters than homeowners.<\/p>\n

\u201cGetting homeowners to invite a stranger into their homes \u2014 that\u2019s a tough nut to crack for a lot of people, even though they might need it financially,\u201d Coomes said.<\/p>\n

They rarely regret sharing their homes, though. \u201cThe average match lasts almost three years. We have people who\u2019ve been together for 10 years,\u201d she said.<\/p>\n

\"A
Marilyn sits as Nigel interacts with her dog, Finnegan. Kennedy helps take care of Marilyn\u2019s dog as well as cooking dinner for everyone who lives in the house. \u201cIt brings me happiness to cook for people I care about,\u201d Nigel said.<\/figcaption><\/figure>\n

Home Sharing Tips<\/h2>\n

If you don\u2019t live in an area that\u2019s served by a home sharing organization, you\u2019re kind of on your own. To find housemates, you have to rely on websites and apps like Craigslist and Roommates.com. Free lease templates can be found online, and you can customize them.<\/p>\n

Here are five home sharing tips from Silvernest:<\/p>\n

1. Be Selective.<\/h3>\n

It\u2019s important to find someone who\u2019s compatible. Start by determining your criteria for a long-term housemate and weigh all candidates against those standards. Be specific about what you\u2019re looking for. If you\u2019re retired, you may want someone who works during the day and isn\u2019t around all of the time. Or it may be important that they\u2019re tidy, share similar hobbies or love pets.<\/p>\n

2. But Keep an Open Mind.<\/h3>\n

At the same time, keep an open mind about your housemate. Many different living situations have been shown to be successful. Don\u2019t write someone off just because they\u2019re not what you had in mind at the start of your search.<\/p>\n

3. Screen Your Housemates.<\/h3>\n

Vet your housemates before entering into a home sharing agreement. Ask for references. Google them. Verify their identity. You can also consider doing a background check to make sure there are no big red flags. Note that the more comprehensive background checks often require the person\u2019s Social Security number.<\/p>\n

4. Spell Out Your Terms.<\/h3>\n

Always document the terms of your home sharing agreement. While free lease templates can be found online, note that different states can have different templates. Add an addendum that outlines house rules, shared space agreements, communication preferences, etc.<\/p>\n

5. Start With a Trial Period.<\/h3>\n

Instead of entering into a one-year agreement off the bat, consider starting with an initial three-month period to get to know your housemate and determine whether you\u2019re compatible. If things go well, you can easily renew for longer.<\/p>\n

*We\u2019ve used the residents\u2019 first names only to protect their privacy.<\/em><\/p>\n

Mike Brassfield ([email\u00a0protected]) is a senior writer at The SS.<\/i><\/p>\n

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