More Seniors Struggle Financially, Consider Roommates

Struggling with high levels of debt and expensive housing costs, many seniors are becoming more receptive to living with roommates, according to HousingWire.

More households led by Americans who are in or near retirement are carrying higher levels of debt, with credit card debt being one of the biggest culprits.

“The overall percentage of families headed by someone age 75 or older who carry credit card debt has reached its highest level since the early 1990s,” HousingWire notes.

As a result of financial concerns and increased housing costs, trends suggest that more seniors are seeking out roommates to share expenses with.

“Among older adults, it’s just under a million people are living with unrelated other folks and without any other family,” Jennifer Molinsky, director of the Housing an Aging Society Program at Harvard University’s Joint Center for Housing Studies, told HousingWire.

“And that’s under 2% of the older adult population. About half of those are people living with other older adults, and about 38% are older adults who are living with younger people, and the rest are some more complicated relationships.”

Data shows these numbers have grown, doubling since 2006. These numbers are likely to grow in the near future, as the population 80-and-over Americans is expected to double in the next 20 years.

Currently, about 15 million older U.S. adults (27%) live alone, and over 11 million of those households have homes that have two or more bedrooms. For these and other aging Americans, downsizing or finding a roommate may be the solution to address financial concerns, face housing costs and keep up with home maintenance.