Share houses are traditionally the domain of broke uni students who don’t mind taking turns using the bathroom and washing dishes, but that’s increasingly changing.
As Australia’s housing crisis makes finding affordable digs more of a slog than ever, a surprising group are joining the housemate hunt.
More and more seniors and pensioners are shacking up together in an effort to cope with cost-of-living pressures, interest rate hikes, and soaring rent prices.
Can housing affordability be fixed?
“Due to the changing rental market and rising cost of living, we are seeing more diverse share houses with more retirees and empty nesters,” said Claudia Conley, community manager at flatmates.com.au, Australia’s largest share house website.
“We definitely expect this to increase, particularly in regional areas with ageing populations and high migration during the pandemic.”
It’s on for young and old!
Although older Aussies are more likely than any other demographic to own their homes outright, insulating them from the worst of the housing crisis, the number of mortgage-free retirees has slipped from 79% in 2004 to 74% in 2018.
Likewise, a slight increase in the number of seniors who are privately renting – 14% in 2018 compared to 12% in 2001 – means there are more over-65s who stand to benefit from splitting the bills with a flatmate.
With rents rising more than 14% in the past 12 months and vacancy rates at historic lows across the country – less than 1.5% nationally – finding a place to hang your hat has rarely been such a trial.
That’s particularly true for seniors, who may face housing discrimination navigating the private rental market or struggle to make their pensions stretch to cover the week’s rent or other bills.
And that’s where sharing comes in, Ms Conley said.
“The bills are so much lighter when you’re splitting the load… sharing a home, whether you're the tenant or the homeowner, has financial benefits for all,” she said.
NOTE: Invision Homes has a new investment opportunity with a dual studio home specifically designed for share living.
Extract Thanks to realestate.com.au
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