11 Sensible Reasons To Get a Roommate in Retirement

Today's crop of retirees is facing a harsh reality: rent prices have skyrocketed, growing at an average rate of one and a half times faster than wages. In New York City alone, rent grew seven times faster than wages in 2023.

No wonder retirees are getting scrappy when it comes to covering housing costs. For many, this means becoming a live-in landlord and embracing the "boommate" lifestyle. Yes, boommate is a real term for baby boomers finding a roommate to share the rent.

In recent years, homeowner listings for roommates on Silvernest, a senior-focused roommate site, have more than doubled.

Like blue jeans, rock and roll, and unaffordable housing, boommates are more than a passing craze. Here are some reasons why taking on a roommate could be one of the smartest retirement moves you've made yet.

Renting out a room can create a dependable income stream without requiring you to re-enter the workforce. Depending on your location, retirees could earn $500 to $1,200 a month by sharing their space.

This extra cash can help cover everyday bills, pad your savings, or fund small indulgences that keep life enjoyable.

The thought of downsizing or moving into a retirement community isn't always appealing, especially if you love your neighborhood or have decades of memories in your home.

But renting out a room can offset housing expenses. With manageable costs, you can choose to stay put for longer.

A roommate isn't just about splitting rent. It's also about sharing utilities, internet costs, and household essentials, such as toilet paper and dish soap. In some setups, you can also split the grocery bills.

Dividing these expenses gives your budget breathing room, allowing you to stretch your retirement dollars further.

Living alone is isolating, particularly in retirement when daily routines slow down. A roommate adds natural, day-to-day interaction that can help fend off feelings of loneliness.

Whether it's chatting over coffee or having someone to binge Netflix with, that small dose of social connection goes a long way toward emotional well-being.

Many retirees worry that getting a roommate means sacrificing freedom. But in reality, it's a great way to maintain your independence while enjoying companionship.

You set the terms of the arrangement, maintain your own space, and decide how much interaction you want. It's a flexible setup that allows you to enjoy both privacy and company on your own terms.

Roommates can be a gateway to new and fresh social opportunities. You might be introduced to new activities, local events, or even new friends through your housemate's network. This expanded circle can broaden your horizon.

While neither a senior nor a retiree, I had roommates throughout my 20s. Due to various roommates, I got back into running (finishing a marathon), planted a garden, discovered canoeing, and tried dozens of craft beers.

Having roommates can lighten your load by tackling chores like snow shoveling, lawn mowing, or even basic tech help as part of the rental agreement.

It's entirely reasonable to write these expectations into your lease. For example, your roommate can assist with setting up Wi-Fi, troubleshooting computer issues, or caring for the yard, turning your rental arrangement into a true partnership that benefits both parties.

There's a nationwide shortage of affordable housing, and renting out your spare room provides much-needed relief in your community.

By offering a reasonably priced rental, you're helping someone secure a stable living situation while making better use of your home's unused space. It's a small but meaningful way to contribute to easing housing pressures in your area.

An occupied home is a safer home. Having another person around adds an extra layer of protection, reducing the time your house sits empty and deterring potential break-ins.

Plus, in case of emergencies, whether it's a health scare or an unexpected household issue, you'll have someone on hand to help.

If you're a pet owner, having a trusted roommate can be a game-changer. A housemate can feed your cat or walk your dog while you're away.

This built-in pet care saves you the hassle and cost of finding a pet sitter, saving you hundreds of dollars a year while giving you peace of mind when you travel.

People tend to worry about senior relatives who live alone, especially in large houses with steep staircases and yards that require extensive upkeep.

With a roommate on hand, you could assuage their worries about you being lonely or unsafe. Of course, they may want to meet your roommate or guide your roommate selection, but getting a second opinion or "gut check" is always a smart idea when you're opening up your home to a stranger.

Opening your home to a roommate in retirement can be a smart way to earn extra income without having to re-enter the workforce, helping you reduce costs, stay connected, and avoid wasting money on household bills that can be easily halved.

You need an explicit agreement and the right tenant for things to run smoothly, reaching an arrangement that supports everyone's financial needs and lifestyle goals.

And with a large pool of seniors aged 65 and up seeking a roommate, the odds are good you'll find the right match. And you don't have to stop with just one match. Many roommate-landlords have two roommates (or more), which can turn a $500 to $1,200 monthly rent into $1,000 to $2,400.