By Alexander Zaitchik, AlterNet. Posted March 6, 2009.
Millions of boomers born into the dawn of the largest economic expansion in history are being forced to re-imagine their retirement futures.
It all happened faster than you can say “senior discount.”
Millions of baby boomers born into the dawn of the most spectacular economic expansion in history are being forced to re-imagine their retirement futures. Few news outlets have failed to seize upon the low-hanging pun: the boomers have gone bust.
Among the adjustments forced by the new circumstances, perhaps the cruelest twist for many boomers is the need to join younger generations in the roommate queue. The housing crash has forced record numbers of late-middle age homeowners to take in boarders or risk becoming boarders themselves. From California to Vermont, home-share organizations founded to assist the elderly are scrambling to meet the demands of newly bust boomers.
“In the last few months we've experienced explosive growth in interest by homeowners age 50-plus to find rooms and roommates,” says Jacqueline Grossmann, Chicago coordinator for the National Shared Housing Resource Center. “The trend now is getting younger and younger. People in their 50s and 60s are losing their nest eggs and increasingly willing to give up their privacy in exchange for rents of $500, $600 a month.”
“We've seen a 400 percent increase over the last few months of people nearing retirement age,” says Rita Zadoff, director of Housemate Match, a shared-housing program serving the Atlanta area. “We haven't been this busy since we helped Katrina victims find housing.”
Kirby Dunn of Home Share Vermont reports a “huge increase” of boomers seeking roommates in the last six months. “There has been a dramatic shift from elderly clients seeking a 'protective presence' to younger people with 'too much house' seeking financial help to make mortgage and utility payments,” she says.
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SAD sign of the times.
ReplyDeleteI am 64. My home has been paid for for the last ten years (10yr). It has been remodeled twice to the tune of $64,000 in remodel costs in addition to the original mortgage. All, paid for fully now, for ten years. Was it tempting to move up to a McMansion? No, not at all. I own a calculator and am able to use it. I could run up the costs of doing so. Cost of having a house I dont need at age 55 and on. McMansion had no appeal. Not interested in one. I have a nice home already. No, not the Taj Mahal, but a great nice home. Everyone should have bought a good calculator, learned to use it.
ReplyDeletesuch insight such humility.
ReplyDeleteHEY 64 dumb post!!
ReplyDelete