Richmond seniors turn to roommates as housing costs rise
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios. Stock: Getty Images
In Richmond's pricey housing market, some older adults are looking for a roommate to help make the math work.
Why it matters: Home-sharing offers a partial solution to two problems: rising housing costs and the growing expense of aging in place.
By the numbers: About 14% of city residents are 65 or older, per the latest Census data, while rents have climbed to about $1,439 a month on average — and top $1,900 in neighborhoods like Scott's Addition.
- Nationally, a quarter of households 65 and older have at least two spare bedrooms — more than double the share among younger households, per Richmond Fed research.
- And about 1 in 3 households headed by someone 65 or older were cost-burdened in 2024, meaning more than 30% of their income went to housing, reports the New York Times.
Between the lines: Downsizing isn't necessarily cheaper, particularly for homeowners who would have to give up low mortgage rates, per the NYT.
The big picture: Around 55 home-share groups now play roommate matchmaker nationwide, vetting applicants and brokering the delicate stuff: pets, parking, chores and even thermostat preferences, reports Axios' Natalie Daher.
- Some arrangements allow renters to pay less in exchange for helping with household tasks.
Zoom in: In Richmond, older adults are also looking for rooms — not just playing hosts.
- Local roommate listings reviewed by Axios include people in their 60s, 70s and 80s searching for shared housing in the region. Some have budgets below $1,000 a month.
- Elsewhere in Virginia, Fairfax County promotes home-sharing as a way for older adults to lower housing costs and stay in their neighborhoods.
Yes, but: A roommate can provide companionship and extra income.
- For some other adults, though, sharing a home may be less of a lifestyle choice than an affordable-housing necessity.
The bottom line: Home-sharing won't solve Richmond's housing problems. But it can make staying housed more affordable for two people at once.