Moving Mom Monday: How Mom Can Get In On the Home-Sharing Economy

Elderly Lady with Nurse at Assisted Living Facility

In the Next Avenue article How You Can Get In On the Home-Sharing Economy, author Chris Farrell gives us a peek at the cottage industry, plus one man’s home-sharing story:

“Survey after survey shows that Americans want to remain in their own homes as they get older; it’s called ‘aging in place.’ Failing that, they’d like to live in someone else’s home – just not an institutional nursing home. Turns out, you may be able to make some money from this wish by launching a home-sharing operation or just renting out part of your own home.

Here’s the basic idea. Home-sharing programs — often managed by nonprofits — match older homeowners (sometimes empty nesters) who could use extra income with older local people looking for a reduced rent, usually in exchange for helping around the house. For instance, monthly apartment rents in Ann Arbor, Mich. average $1,300 to $1,400 a month, while the average home-share rent is $400 to $500, says Kim McKitrick-Thompson, head of the Housing Bureau for Seniors HomeShare Program in Ann Arbor, Mich.”

What is it like to share your home?

“Earl Roy, 81, lives in Ann Arbor, Mich. and has shared his home with several housemates over the past five years or so. ‘It has worked out for me,’ he says.

Roy, a former civil engineer who spent most of his career building and maintaining supermarkets, wanted to stay in his home. His wife didn’t. So they separated and she moved into a small condo complex in town. But Roy couldn’t afford to keep his place without extra cash to pay for it. He turned to the area’s Seniors HomeShare Program to match him up with renters.

‘I needed the income,’ he says. ‘And I don’t really like living by myself.’

Read more of Earl’s story at How You Can Get In On the Home-Sharing Economy.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582