House Sharing Reaches All-Time High as Affordability Issues Linger
A record-high 6.8 million households shared their housing with unrelated housemates, roommates or boarders in 2023. And young adults are not the only ones driving this growth.
While college-age and young adults make up the largest subset of house sharers (close to 41%), this type of living arrangement is gaining popularity among older householders fastest, with the 55+ segment accounting for 30% of all house-sharing households in 2023.
The number of households sharing housing with non-relatives had been rising steadily since 2008, with the exception of 2020 during the Covid-19 pandemic. Although the percentage of households sharing housing quickly climbed from the pandemic lows, it remains below the 2019 peak. However, the count of house-sharing households in the U.S. is now at a new record-high point. This is largely reflective of a faster household formation rate since the end of the pandemic, as well as the growing popularity of home-sharing arrangements.
Young Adults (24-34)
Young adults ages 25-34 make up the largest (close to 1.6 million, or 23%) cohort of households that share housing with unrelated housemates. Over the last two decades, amid the rising housing burdens and cost of living, house sharing became a way for young adults to afford to leave parental homes.
College-age Adults (18-24)
College-age adults (ages 18-24) make up the second largest group of house-sharing householders (1.2 million, or 17%). The lower counts of house sharers in this age group reflect, among other factors, the rising share of college-age adults living with parents, declining rates of college attendance in recent years, and slower youth population growth.
Older Adults (55+)
Older adults ages 55+ registered the most substantial gains in house-sharing arrangements since the housing boom of the mid-2000s. These oldest householders now account for over 1 million, or 15%, of all house-sharing households, more than doubling their share of 6.8% in 2005.
The surge in the number of older households sharing housing with non-relatives is a reflection of many factors, including:
- Aging baby boomers who are now filling the ranks of 55+ households
- Changing lifestyle preferences
- Seniors seeking cost-effective options allowing them to stay in place as they age
For more details, read this recent article on Eye On Housing by NAHB AVP of Housing Policy Research Natalia Siniavskaia.