Seniors seek 'Boom-mates' amid affordable housing crisis

July 27th, 2022

As inflation continues to climb, some Baby Boomers are seeking out roommates to make ends meet. A 2016 study showed 70% more seniors have reported living with a roommate than the decade before.

Amid the affordable housing crisis, more than 33% of Americans 65 years of age and older do not have money saved for retirement. Rent and mortgage prices have skyrocketed since the start of the pandemic, making living expenses increasingly unattainable for older Americans. For many, the loss of a spouse and post-divorce expenses exacerbate this financial strain.

And as inflation continues to climb, some Baby Boomers are seeking out roommates to make ends meet.

A 2016 study showed 70% more seniors have reported living with a roommate than the decade before. Silvernest, an online senior housing service, utilizes a unique member matching system to pair roommates. The service seeks to facilitate personal aspects of shared housing, focusing on accessibility and relief from social isolation. The company conducts paid background checks and utilizes comprehensive identity verification software to ensure safe housing and living conditions for its members.

Silvernest studies show 98% of respondents said more creative living solutions for aging are needed. The company aims to provide solutions for companionship, chore sharing and age-in-place challenges often faced by this demographic amid inflationary pressures.

“The biggest picture for us is really trying to continue normalizing the idea and getting this out there,” Silvernest President Riley Gibson said on Wednesday’s edition of “Closer Look.” “It really solves a lot of pain points at once for those that it’s right for.”

This interview is part of Closer Look’s ongoing Paycheck to Paycheck series.