Soo-Ji Jung and her husband, residents of a single-family home in Garden Grove, have been renting out their spare rooms since retiring a few years ago.
As baby boomers, the Jung couple earns between $2,800 and $4,000 a month from renting out four rooms, excluding the one they occupy.
“The rental income covers our monthly mortgage payments, housing expenses, and part of our living costs,” said Jung. “Fortunately, due to the house’s convenient location within walking distance to Korean markets, we’ve never had a vacant room.”
In Korean-dense areas near Korean commercial zones, the rental price for a single room starts at $700 and can go up to $1,000 depending on whether it includes a bathroom, according to real estate industry sources.
Additional facilities like parking space can further increase the rent. Rental agreements are flexible, usually requiring a one-month notice before moving out, and tenants range from young adults to seniors living alone.
“We’ve had a tenant who has lived with us for five years and feels like family,” Jung added. “We share meals and help each other out, making the home-sharing experience very satisfying.”
Many Baby Boomers, including Koreans, are turning to home-sharing amid high inflation and rising housing costs, marking a rise in what people are calling “boommates.”
Data from the Harvard Joint Center for Housing Studies indicates that approximately 913,000 seniors nationwide live with people who are neither family nor relatives.
Real estate experts note that with inflation increasing living costs and housing expenses, more seniors are opting for home-sharing. Traditionally, seniors would sell their homes and downsize to smaller ones to fund their retirement. However, with a shortage of affordable smaller homes, many are now choosing to stay in their current homes and find boommates.
An industry insider explained, “There is little benefit for baby boomers nearing retirement to sell their homes due to rising housing costs. Downsizing and moving can result in higher housing expenses and mortgage rates.”
Real estate experts suggest several solutions for senior housing issues, including optimizing current homes for retirement, providing government subsidies or tax credits for senior home modifications, assisting with moves to new apartments with elevators, constructing accessory dwelling units (ADUs), and relocating to senior towns.
BY EUNGYOUNG LEE, YOUNGNAM KIM [lee.eunyoung6@koreadaily.com]
