More Home Owners Turn to ‘Homesharing’

July 21, 2011

Home owners looking for additional income are opening up their homes and renting out spare bedrooms to offset mortgage costs, which has made “homesharing” the latest trend catch on in some parts of the country, particularly in affluent areas.

Homesharing "started where it was mostly elderly people living on fixed incomes that needed to rent out a room to supplement their income or they were frail and needed help in the house. So they would offer a lower rent to somebody that would help," says Jackie Grossmann, a homesharing coordinator in Deerfield, Ill. "But now it's really moved to boomers, who have lost [their] savings.”

While baby boomers are looking for roommates to help offset the costs of home ownership, the roommates are looking for inexpensive housing in “homesharing” arrangements for any number of reasons, such as job loss, divorce, job relocation, and more.

Some programs have even sprung up to help play matchmaker to home owners and renters. In the high-priced area of Deerfield, Ill., for example, the Interfaith Housing Center of the Northern Surburbs offers the North Suburban Homesharing, a free service that matches roommates looking for inexpensive housing with home owners seeking extra cash.

Source: “Residents Look to Homesharing to Make Ends Meet,” Deerfield Patch (July 2011)

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