The term “sharing economy” has become commonplace, describing systems where people share resources—cars, workspaces, or crowdfunding platforms. One version of this model that’s gaining traction among older Americans and may help address the nation’s caregiving shortfall is homesharing.
What exactly is “homesharing”?
Homesharing means renting a room in a home where the homeowner continues to live. Unlike a traditional landlord-tenant arrangement in which a renter leases an entire unit, homesharing places tenant and homeowner under the same roof, often sharing kitchens, living areas, and sometimes bathrooms. In effect, the homeowner gains a roommate.
Beyond generating extra income from an unused room, homesharing can reduce household expenses and distribute chores. It also offers companionship—advantages that help explain why more seniors are considering this living arrangement.
>> Related: A New Case for the Continuing Care at Home Model?
Seniors warming up to homesharing
Silvernest, a platform that pairs homeowners with homesharing tenants, surveyed 305 homeowners aged 55 to 85 (respondents were not current Silvernest users) to gauge financial preparedness for retirement and attitudes toward housing options. Key findings included:
- 88 percent said staying in their own home as long as possible is important, yet only 25 percent felt prepared to truly “age in place.”
- Nearly half (49 percent) reported they either do not have sufficient retirement savings or are unsure—anxiety higher among women (51 percent) than men (43 percent).
- 71 percent were actively looking for income opportunities in retirement, and 37 percent of retired respondents were working part-time.
Notably, 98 percent of survey participants said the country needs more creative housing solutions for older adults. Forty-four percent said they would consider homesharing, and 26 percent reported they are more likely to consider it now than five years ago.
>> Related: The Value of a Solid Support System During Retirement
A potential caregiving solution
The Silvernest survey echoes other research showing most seniors want to remain in their homes as they age—for example, a 2018 AARP study found over three out of four older adults prefer to age in place. Homesharing can support that goal while addressing common concerns.
When asked which benefits they associated with homesharing, 80 percent cited extra income. Other frequently mentioned advantages included help with household chores (57 percent), companionship (52 percent), peace of mind from having a housemate (51 percent), and maintaining independence (41 percent).
Given the growing caregiving gap, homesharing could help meet daily needs that otherwise require paid or unpaid caregivers. A tenant might assist with tasks like shopping, meal prep, household chores, yard work, and light home maintenance—practical supports that help an older homeowner stay in their home longer.
>> Related: Inflection Point: Our Nation’s Ever-Growing Long-Term Care Crisis
Reservations about homesharing
Despite the benefits, many seniors have reservations. The primary concern is loss of privacy—75 percent of respondents cited this. Safety was also a common worry, with 72 percent uncomfortable living with someone they don’t know.
If they were to open their homes, seniors tended to prefer certain types of tenants: 81 percent would consider a traveling nurse, 77 percent a teacher or other essential worker, and 66 percent a service-year participant.
Age of the tenant mattered for many respondents. Eighty percent said they would consider renting to someone younger—a so-called intergenerational housemate—while only 33 percent would rent to someone older. That division raises questions about age bias in the homesharing market, though preferring younger tenants may stem from practical expectations, such as helping with more physically demanding chores.
It’s important to recognize potential challenges if a homeowner’s health or mobility declines. To avoid misunderstandings, homeowners and tenants should clearly document expectations about household responsibilities and caregiving duties before entering an arrangement.
>> Related: CCRCs Help Avoid the “Senior Living Shuffle”
Adding to the list of senior living options
For seniors who want to remain in their homes longer, homesharing can be an effective option. It offers affordable housing for renters while providing homeowners with supplemental income, companionship, and help around the house.
Anyone considering homesharing should put protections in place: conduct a background check, sign a written lease, confirm the tenant has renter’s insurance, and set up reliable rent-payment methods, such as automatic transfers.
Homesharing isn’t the right fit for everyone. Alongside reduced privacy, compatibility issues—smoking, pets, routines, or gender preferences—can affect suitability. If a homeowner ultimately needs more intensive care than a tenant can provide, in-home care can be expensive and may conflict with having a live-in tenant.
For seniors who prioritize independence and privacy but still want access to companionship and help, a continuing care retirement community (CCRC or life plan community) may be a better solution. CCRCs offer social opportunities, amenities, and a full continuum of on-site care services, up to full-time nursing care when needed. While homesharing offers meaningful benefits, many seniors value the long-term security and peace of mind a CCRC can provide.