What's Happening?
A growing number of older Americans are turning to shared housing arrangements to cope with rising rental costs. According to the Harvard Joint Center for Housing Studies, over 1 million Americans aged 65 and older lived with non-related roommates in 2024,
marking a 16% increase since 2019. This trend is driven by escalating rents, with a 41% increase in one-bedroom apartment costs in major U.S. cities from 2020 to 2025. Organizations like the New York Foundation for Senior Citizens are facilitating these arrangements, providing a matching service for seniors seeking affordable living solutions.
Why It's Important?
The trend of older Americans seeking roommates highlights the broader issue of housing affordability and financial insecurity among seniors. As rental prices continue to rise, many seniors are unable to rely solely on Social Security or limited retirement savings. This situation underscores the need for policy interventions to address housing affordability and support for aging populations. The increase in shared housing arrangements also reflects changing social dynamics, where financial necessity is reshaping traditional living arrangements.
