What’s a Boom-mate? And, Do You Need One?
April 6, 2018
Let’s set the stage: right now Millenials are having trouble finding affordable housing in some of America’s most expensive housing markets. While Millenials are seeking affordable places to live, 9 out of 10 Baby Boomers (who are at retirement ages) are staying in their homes.
The prices are high, inventory is low and new housing growth is flat.
The Solution? Boom-mates
Trulia did something brilliant – they looked at 100 of the biggest housing markets to see how many houses has more bedrooms than occupants. The results? They found tens of thousands of homes that have nearly 3.6 unoccupied rooms that could hypothetically be rented out.
If a retired Baby-Boomer chose to rent out a room, it could result in over $14,000 of extra income a year. For young adults, if they decided to rent a room vs. taking on the expense of a one-bedroom apartment it could save them around $24,000 each year!
Here are some other financial benefits to consider: https://www.trulia.com/blog/trends/boommates/
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