There is a recent phenomenon in the real estate market known as house sharing or the “Real Life Golden Girls” trend. Older men and women are choosing to make the most of their retirement by selling their individual properties by purchasing and living together in a common home. This trend has gained a lot of recent attention on television and in print as sources such as The Early Show, the New York Times, and Smart Money have weighed in on the subject.
According to The Early Show reporter, Michelle Miller, there are now more than 1 million women who have chosen to share a home with non-relatives. This marks a 15% jump in the last few years. They are a part of the Baby Boom generation who has decided to re-define their “golden years.” They engage in things such as Tai Chi, Yoga, travel, and healthy cuisine. They hire housekeepers and lawn maintenance staff to handle the chores, while they make it a point to enjoy life.
In October, the New York Times reported on a group of eight women in Saratoga Springs, New York that had sold their respective homes and purchased a home with enough space for each to have private space which includes a bedroom, study and a bathroom. The living room, family room, kitchen and laundry are common spaces. The common trend is for such groups to typically purchase large single story properties in stable neighborhoods with a sense of community.
On March 9th, Smart Money weighed in on the house sharing trend with an article entitled “The New Golden Girls.” The article explains that the trend has ignited a “cottage industry” of specialists that cater to “golden girl or guy” housing preferences. Economic and demographic pressures continue to fuel the phenomenon. “Experts predict the ranks of older women living together will unquestionably multiply in years to come,” reports Ken Dychtwald, Gerontologist.
This concept creates a new house share market that demands to be noticed. How active is this trend in your market place? How will traditional Real Estate Brokerages add value to this growing segment?