Homesharing comes with many benefits, both big and small.
In past posts, we’ve discussed how homesharing combats loneliness, supports aging in place, and provides peace of mind for Seekers and Homeowners alike. What we haven’t spent much time talking about is what homesharing can do for your wallet!
Inflation is at a 40-year high, and if you’ve been watching your budget with a little extra apprehension lately, you’re not alone! Over the past few years, the price of homes increased by 30-40%, and the price of rent has also been rising faster than normal. This has affected both renters and homeowners trying to find comfortable, affordable places to live.
Housing costs (including rent, mortgage, maintenance, utilities, and taxes) make up a substantial part of many people’s budget, so a change in this area can make a big impact on overall expenditures. Moving or downsizing are options for saving money on housing, but homesharing is another great way to cut costs and enjoy a host of other benefits!
Homeowners
For Homeowners, having a roommate helps them bring in extra cash each month. In a homesharing arrangement, roommates often take care of household chores as well. This can potentially save a Homeowner money on services they might pay someone to do, like walk the dog or shovel snow.
Additionally, some of the most common barriers to aging in place are cost and ability to maintain the home or property. With the right roommate, both of the challenges can be made easier! A roommate can provide assistance around the house while the extra money can be used on home modifications or big-ticket home maintenance projects.
Seekers
For Seekers, homesharing is typically a great deal! Often, roommates pay less than market rate to live in a setting with amenities that a similarly priced apartment might not have (e.g. a yard, driveway, or just some extra space). Additionally, there’s someone to split utilities or share streaming services with! In some cases, there are opportunities to decrease the homesharing expenses in exchange for household chores. Typically, Seekers pay one monthly fee to cover all of their homesharing expenses, making paying the bills extra simple.
There’s never been a better time for your wallet to explore homesharing!
Whether you’re looking for a new place to live, or you’re well-established and hoping to minimize expenses, homesharing is a budget-friendly choice!
