Boommates: The New Roommate Trend Sweeping the Nation

Living costs are climbing. More and more Baby Boomers are leaving the workforce only to discover their nest egg isn’t large enough. The solution? Roommates, of course. Boommate, a newly coined term for Boomer roommates, sites are popping up all over the place. Whether your new roomie is in your demographic or if you choose to adopt a Millennial, sharing your space can keep you afloat and stretch that nest egg.

Boomer Roommates

At any age, a roommate offers companionship and financial ease. Especially now, as life expectancy continues to climb, along with healthcare and living costs, getting a roommate may be necessary. If you have a place that’s simply too large for you, take stock of your friend group; you may find you have perfect roommate material.

If after evaluating your circle you come up empty, there are resources at your disposal to help you find the perfect person to share your space with. Visit your local senior citizen center to see if they have a roommate service. If they don’t, get involved and help them develop one. It’s likely you aren’t the only senior looking for someone to share a space with.

Millennial Roommates

According to countless articles, Boomers and Millennials are so drastically different they may as well be different species. It’s simply not true. Sure, Millennials may value a good brunch more than Boomers do, but have you had brunch? It’s delicious. Aside from a few minor details, people are people; we all need the same things. And, ironically, they’re more alike than it seems. The Boomers have worked their entire lives putting money away only to find out they don’t have enough to sustain themselves; Millennials have never had money to begin with. So, both generations understand financial instability; bunking up can ease the burden for both.

This pairing is actually pretty interesting and these two groups, if they give it a shot, could learn a lot from one another.

Protect Yourself

Before taking on any roommate, it’s important to set some boundaries and house rules. Come up with a lease and a list of courtesies with terms you can both agree on. If you are in an apartment or a rent house, get renter’s insurance on your things. Insurance is a good idea, and oftentimes required, despite your roommate situation.

Update your policy, set a few ground rules, get assistance with finding the perfect roommate, keep an open mind to the possibilities, and enjoy your retirement.