Roommates in retirement

Bankrate Audio » Roommates In Retirement

Listen to audio

Editor's note: This is a transcript of the audio file.

You can look at having roommates in retirement as a sorority house for seniors. But it's not just friendship bringing people together under one roof.

Shared housing also benefits the bottom line. I'm Janet Stauble with your Personal Finance Minute.

The cost difference between sharing a home and renting a small apartment can be significant. With pooled money, tenants can often live in a great place in a better part of town. And things like maintenance and pet care costs can also be shared.

Aside from money, avoiding nursing homes is another major driver of senior's interest in shared housing, especially among single, widowed and divorced women.

Roommates should be on the same page about what they want from the arrangement. Will you guard each other like family? Or will your interactions be more casual or businesslike?

Safety is key in these living situations. Home-sharing programs that match roommates should do thorough screening, criminal background checks and require character references.

Want to learn more? Log onto I'm Janet Stauble.


Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
30 year fixed 4.06%  0.22 4.28%
15 year fixed 3.17%  0.07 3.24%
5/1 ARM 3.52%  0.11 3.41%
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79%  0.10 2.69%
48 month used car loan 2.98%  0.06 2.92%
60 month new car loan 3.23%  0.04 3.19%
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94%  0.01 0.93%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.00 1.76%
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.77%  0.06 15.71%
Cash Back Cards 16.44%  0.03 16.41%
Low Interest Cards 10.96%  0.10 10.86%

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.


Jennie Phipps

Work less — ‘It’s a better life’

Retirement actuary Steve Vernon says working less while delaying Social Security is the best way to retire.  ... Read more

Partner Center

Connect with us