Growing number of older New Yorkers searching for roommates to help save money: study
NEW YORK CITY (WABC) -- Having a roommate isn't just for college students or young adults anymore.
More and more middle-aged adults and senior citizens are searching for roommates to help save money on housing, according to a new study.
James Jones is looking for a roommate to share his Williamsburg rental apartment. The spare room comes furnished with two dressers, a bed and a TV.
He is using the New York Foundation for Senior Citizens' Home Sharing Program, a free service that's been pairing roommates for 45 years.
"It would help me to catch up on bills, pay my credit cards off," Jones said.
Last year, the home sharing program made 50 matches - a record high. This year, it's on track to beat that, as more New Yorkers struggle to cover housing costs.
"We have a 1.4% vacancy rate in New York City now, which is the lowest since 1968," Brad Greenburg said.
Greenburg is the executive director of NYU's Furman Center and says the housing crisis is particularly precarious for New York City seniors.
While 52% of New Yorkers are "rent-burdened," meaning they spend more than 30% of their income on housing; the number is higher for seniors, with 62% rent-burdened, some severely so, spending more than half their income on rent.
"A lot of them are on fixed incomes and maybe have less wiggle room and their rents are going up faster than inflation," Greenburg said.
It isn't just seniors. The "affordability factor" is redefining the roommate market.
"We're seeing more and more roommates in their 40s, 50s, even 60s," said Matt Hutchinson, who runs SpareRoom.com
He says the number of 18- to 24-year-olds seeking roommates in New York City has dropped 14% over the last decade, but there's been a 46% surge among those aged 55 to 64, a group with declining earning power and rising costs.
For those middle-aged seekers, Hutchinson has some advice.
"If you're living with roommates, maybe for the first time in years, or even the first time in your life, in your 50s, the people that you live with are going to be what makes or breaks that, not what the rent is or what the furnishings look like," Hutchinson said.
Back in Williamsburg, Jones is hoping a roommate doesn't just help cover costs but also provides some companionship. He does have one caveat.
"They have to love pets," he said.
----------
* Get Eyewitness News Delivered
* Download the abc7NY app for breaking news alerts
* Download our connected TV app
Submit a tip or story idea to Eyewitness News
Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.
