Home Sharing is Not Only for Younger Adults

A record-high 6.8 million households shared their housing with unrelated housemates, roommates or boarders in 2023. Whereas college-age and younger adults make up the most important subset of home sharers (near 41%), the sort of dwelling association is gaining reputation amongst older house owners quickest, with the 55+ section accounting for 30% of all house-sharing households in 2023.

The variety of households sharing housing with nonrelatives had been rising steadily because the 2008 housing crash till the COVID-19 pandemic interrupted the upward pattern. Throughout that interval, the depend of households with at the least one unrelated member elevated from 5.3 million in 2008 to over 6.7 million in 2019. On the similar time, the proportion of house-sharing households grew from 4.7% to five.4%.

The pandemic dramatically redefined dwelling association preferences. Reflecting the shift in the direction of extra spacious, lower-density impartial dwelling, the quantity and proportion of house-sharers collapsed in 2020 (though the info assortment points throughout the lockdown phases of the COVID-19 pandemic make the 2020 estimates much less dependable).  Whereas the proportion of households sharing housing has climbed because the pandemic lows, it stays under the 2019 peak. Nonetheless, the depend of house-sharing households within the U.S. is now at a brand new record-high level. That is largely reflective of a quicker family formation price because the finish of the pandemic, in addition to the rising reputation of residence sharing preparations.

Younger Adults (25-34)

Younger adults within the 25-34 age group make up the most important (near 1.6 million, or 23%) cohort of households that share housing with unrelated housemates. Over the past 20 years, amid the rising housing burdens and value of dwelling, home sharing grew to become a manner for younger adults to afford to depart parental houses. From 2005 to 2017, as the headship charges for this age group declined precipitously and thousands and thousands of younger adults dropped out of the housing market, home sharing grew to become extra frequent amongst those that managed to remain out of parental houses. In 2017, when 25 to 34-year-old adults registered file low headship charges, one in eleven house owners on this age group shared housing with unrelated housemates. By 2023, when the headship charges rebounded, the share of 25 to 34-year-old house-sharing house owners dropped to 7.9%, on par with the 2005 studying.

Whereas it’s tempting to imagine that the excessive prevalence of home sharing amongst younger adults displays an increase in single partnerships, these usually are not thought of house-sharers on this evaluation.  Single companions are likely to operate as a unit just like a married couple, dividing their financial, social and monetary tasks, and never simply these associated to house-sharing. To distinguish between these totally different demographic tendencies, single partnerships are counted as impartial households for the needs of this evaluation.

School-Age Adults (18-24)

School-age adults make up the second largest group of house-sharing house owners (1.2 million, or 17%). Whereas the whole counts are substantial, they signify a decline since 2005 when 1.3 million 18 to 24-year-old house owners shared housing with unrelated roommates, accounting for 22% of house-sharing households.  The decrease counts of home sharers on this age group mirror, amongst different components, the rising share of college-age adults dwelling with dad and mom, declining charges of school attendance in recent times, in addition to slower youth inhabitants progress. Nonetheless, the youngest house owners stay the age group that’s probably to share housing. As of 2023, over one in 5 leaseholders/owners within the 18-24 age group shared housing with unrelated roommates or housemates.

Older Adults 55+

Older adults ages 55 and over registered probably the most substantial features in house-sharing preparations because the housing growth of the mid-2000s[1]. The variety of households lead by 55 to 64-year-old adults that shared housing virtually doubled since 2005 to 1 million. Their section elevated from 9% of house-sharing households in 2005 to 14% in 2023. On the similar time, the variety of house-sharers amongst 65+ house owners elevated 2.7 occasions. These oldest house owners now account for over one million, or 15% of all house-sharing households, greater than doubling their share of 6.8% in 2005.

Partially, the surge within the variety of older households sharing housing with nonrelatives merely displays the growing older U.S. inhabitants with quite a few child boomers filling the ranks of 55+ households. Partially, it captures the altering preferences, because the older house owners at the moment are extra prone to stay with unrelated members. In 2005, 3% of 55 to 64-year-old house owners shared housing with nonrelatives. This share elevated to three.6% in 2013 and continued its climb to 4.1% in 2023. The rise within the proportion of 65+ house owners sharing housing was equally persistent, rising from 1.7% in 2005, to 2.3% in 2013, and climbing additional to achieve 2.8% in 2023.

Not like the charges of house-sharing amongst youthful adults, the charges for the 55+ age group seem much less cyclical. Whereas nonetheless largely unconventional amongst 55 and older house owners, home sharing is on the rise, doubtlessly providing an economical possibility for older adults to remain in place as they age.