(Photo credit: fizkes)
The current US housing situation is reminiscent of the age-old conundrum known as the “irresistible force paradox.” This situation is usually presented with a question: What happens when an unstoppable force meets an immovable object? Those who majored in physics in college have already raised their hands on this one. The immovable object and the unstoppable force are both implicitly assumed to be indestructible, and to mutually co-exist, thereby creating an inherently irreconcilable tension.
Whew! What was the question, again?
For current homeowners and prospective home buyers - older baby boomers (76 million, born between 1946 and 1964) and younger singles and families, respectively - this equation is more than a theoretical concept. It involves mortgage rates, the available inventory of homes and a trend that is picking up speed every day: the rise in “Boommates.” The result is a fascinating evolution of households dating back to the “boarding houses” of earlier generations.
What This Means for You — The current economics of residential real estate have encouraged older homeowners, who may own larger homes, with no mortgage or relatively low mortgage rates, to consider renting a part of their home to someone else to share the other recurring expenses associated with home ownership, such as maintenance and utilities. This trend has many benefits and more than a few challenges.
Adding a Boommate to an existing single-family home is an excellent solution for many older homeowners, but it may require retrofitting existing structures. Homes constructed of Acme Brick have many advantages for this transition. There are also home improvement products available from Acme that can help with this process. Discover some great ideas.
What’s Driving this Rise in Boommates?
Recently, the residential real estate analysts at Trulia offered several reasons for the rise in the number of baby boomers who have decided to take in boarders, some of whom are younger and some who are boomers themselves. “In America’s most expensive housing markets millennials struggle to find affordable housing. Meanwhile, nine in ten retirement-age baby boomers and older Americans want to stay in their homes even as costs rise. Prices (for both the residence and mortgage) are high, inventory is low, and new housing growth is stagnating. But what if these two generations got together to solve their mutual housing-related problems?
“We looked at the 100 largest housing markets to find people living in homes with at least two bedrooms more than the number of occupants – to account for a guest room or office – owned by the oldest Americans. We found tens of thousands of homes have nearly 3.6 million unoccupied rooms that could be rented out.
“For retired or soon-to-retire boomers, extra rooms are an opportunity to supplement income and offset cost-of-living increases – as much as an additional $14,000 a year. For many older Americans, renting a room provides an economic boost that may help them stay in a home longer.”
For young adults or other older, empty-nesters, renting a room as opposed to a one-bedroom apartment could save them up to $24,000 annually.
In addition to mortgage and rental considerations, there are also other reasons to become a boommate, including those that are emotional. According to the website targeting baby boomers, Midlife Boulevard, “One third of women over 50 live alone either by choice or by circumstance and one sixth have no children.
“Growing numbers of them are reinventing their solo home lives by choosing to live with one or more boomer women roommates. And they’re finding that this choice is a liberating and empowering change. Having a roommate to share the chores, the expenses, and to simply be there ensures their independence and maximizes their social lives as they look forward to the best that life has to offer in the years ahead.”
Take a few minutes to watch this PBS news feature on the emotional benefits of having a boommate.
Benefits of Boommates
There are financial and emotional reasons for this trend in boommates. In a recent article in the Washington Post, reprinted by MSN, “Baby-boomer empty nesters now own more large homes in major cities than millennial families — and show few signs of moving out. Record prices and scarce inventory appear to have frozen everyone in place.
“Several generations living under one roof would help ease the housing crunch and the loneliness epidemic affecting half of US adults. It would also cut global warming emissions. Denser living is almost always greener: fewer homes, less energy and more efficiency overall. Freeing up room in boomers’ homes could also bring young people and suburban families back to communities near jobs and schools, eliminating polluting commutes.”
Meeting the Challenges of Adding a Boommate
In an earlier post on “multiple generational households,” several challenges of renting space to either another empty-nester or younger singles and families were noted. These include:
- Less Privacy
- More Noise
- More Housework
- Need for Upgrade or Remodeling
It is with this final point that creative thinking and planning come to bear. Adding a new resident might require renovation or adding new space. Aging boommates may require additions like walk-in tubs, stair lifts, and other changes. The owner will be required to create a plan for retrofitting that includes financing the cost and scheduling work.
Having a home built with brick can make this process easier. According to Britt Stokes of Acme Brick, “When it’s time to make a single-family home into one that will accommodate multiple generations, brick can make a huge difference. First, there is much less maintenance with brick construction, potentially saving the family ‘shareholders’ thousands of dollars each year. Plus, homes that are constructed of brick are also more sustainable, requiring less energy for heating and cooling and thereby saving utility expenses.
“Privacy and noise reduction in this new model of households are easier to attain with walls constructed of brick due to its solidity. Adding a boommate may require the creation of a separate entrance for more privacy. There are also many health-related, post-pandemic priorities that should be considered in homes that have boommates under one roof. Here are 10 to consider.
“One of the great ‘selling points’ for potential boarders is the safety of brick. Homes constructed of brick are safer against fire, wind and other natural disasters.”
Other home improvement products that reduce maintenance and stand up to the increased wear-and-tear of having boommates include:
- Luxury Vinyl Plank (LVP) flooring - Beautiful and durable
- Anti-microbial porcelain tile - Keeps household germs to a minimum
- Outdoor Entertainment Space upgrades - Fixing up the largest ‘room’ in the house is another great boommate benefit
- Box Gobbler - A secure way to manage everyone’s home deliveries
Everything Old
The popularity of boommates is another example suggesting that “everything old is new again!” Homes with multiple boarders date back more than 100 years, and some of the same economic and emotional forces are at work now as they were back then.
If this new lifestyle may be in your future, take heart from the folks at Midlife Boulevard who note, “Just as we declared our independence and forged our own paths in our college years and our early adulthood, clearly we’re continuing to live on that high-energy level into our later years – with a positive attitude, a generation-wide desire to connect with each other, and a commitment to stay independent on our own terms, having a heck of a good time along the way.”
Acme Brick will withstand the elements and look great for hundreds of years. If you’re planning a new home, have your architect or builder contact the experts at Acme.