In Richmond’s pricey housing market, some older adults are looking for a roommate to help make the math work.
Why it matters: Home-sharing offers a partial solution to two problems: rising housing costs and the growing expense of aging in place.
By the numbers: About 14% of city residents are 65 or older, per the latest Census data, while rents have climbed to about $1,439 a month on average — and top $1,900 in neighborhoods like Scott’s Addition.
- Nationally, a quarter of households 65 and older have at least two spare bedrooms — more than double the share among younger households, per Richmond Fed research.
- And about 1 in 3 households headed by someone 65 or older were cost-burdened in 2024, meaning more than 30% of their income went to housing, reports the New York Times.
Between the lines: Downsizing isn’t necessarily cheaper, particularly for homeowners who would have to give up low mortgage rates, per the NYT…