Saturday, May 18, 2024

Why Not Live Like The Golden Girls? The Growing Trend of Older Adults Moving In Together to Save Money

The living situation on The Golden Girls seemed charming and unusual when it was airing, but have you been considering living with friends? You’re not alone. Nowadays, more and more baby boomers are choosing to live together. “Boommates” if you will. And there are a few reasons behind this growing trend, reports the Washington Post. For one, the rising housing and rental prices in the markets around the country, and careers and incomes impacted by aging and/or the pandemic (think the Great Retirement), and the result is many baby boomers, keen to stay in their homes, looking to share their residence in an effort to save money.

Rodney Harrell of the AARP (he’s the vice president of family, home and community) indicates another reason this is gaining popularity among baby boomers. He says that boomers are more open than previous generations to trying alternative solutions when it comes to their lifestyle as they age.

And while financial reasons are driving this trend, one can’t overlook the fact that living together does help with alleviating isolation and loneliness; the social factor, in fact, was the reason the Golden Girls lived under one roof, rather than financial reasons, said Betty White in 1987.

To learn more about what a home-sharing program for older adults in New York is seeing when it comes to applications, and for stories from people who’ve shacked up with their friends as boomers, read the full Post article here.

Read more:

Financial Advisors Can Help You If You Have High Debt or If You’re Facing Bankruptcy as An Older Adult

The Great Retirement May Become The Great Semi-Retirement

How the Pandemic Has Impacted Canadians’ Retirement Plans

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