An Unlikely Pair

first_img Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Baby Boomers Millennials Multigenerational Roommates Trulia Research Servicers Navigate the Post-Pandemic World 2 days ago Older generations aren’t as fond of millennials as millennials are of themselves, but sharing space with them could be in older homeowners’ benefit, according to a recent report by Trulia, especially in light of continued shrinking inventory.The report, entitled Boom-mates, looked at houses in the largest markets in the country to find out the number of houses that had two more rooms than occupants, and then presented the idea that Baby Boomers on the verge of retirement—or already retired—can supplement their income by renting out their extra room to millennials.Under this cooperative living, Baby Boomers could make an average of $14,000 a year. For millennials, renting a room instead of a one-bedroom house could save them on average $24,000 per year.Some cities fare better than others when it comes to the savings that multigenerational roommates will experience. Washington D.C. had the most homes with spare rooms—over 5.6 percent of all homes in the metro. It is estimated that renting out a spare room could net the homeowner an additional $941 a month.Boston, Cambridge, New York, Oakland, and San Francisco were the most profitable places to rent out a room. San Francisco was the clear winner, boasting an additional annual income of $22,000 a year, or $1,800 per month. Renters in San Francisco can save $14,220 per year by renting a room instead of a one-bedroom apartment, which average $3,000 a month.Unsurprisingly, renters and homeowners in New York City could save a substantial amount of money as well—second out of all the metros listed. Whereas estimated rent for a one-bedroom apartment would run a renter around $1,800 a month, estimated monthly rent for a single room would only cost around $867, saving about $11,189 annually. An Unlikely Pair in Daily Dose, Featured, Headlines, Market Studies, News Sign up for DS News Daily Previous: Mortgage Experts Weigh in on Vacant and Abandoned Properties Next: Is Real Estate America’s Favorite Form of Investment? Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Joey Pizzolato Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / An Unlikely Pair Data Provider Black Knight to Acquire Top of Mind 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Servicers Navigate the Post-Pandemic World 2 days ago July 19, 2017 1,442 Views Baby Boomers Millennials Multigenerational Roommates Trulia Research 2017-07-19 Joey Pizzolatolast_img

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