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Mark Prather By Mark Prather • December 27, 2017

Number of Adult Roommates At Highest Levels in Decades

Having a roommate as an adult may be fairly common in the first years out of college, but more older, single Americans are opting against living alone. In fact, one-third of adults now live with roommates, a byproduct of rising rents, a new study finds.

Researchers at Zillow, an online real estate database, analyzed figures from a 2016 U.S. Census Bureau survey and recently interviewed more than 13,000 Americans, asking them about their experiences with renting and homeownership.

One component of their inquiry looked at doubled-up households, which are those in which two or more working-aged adults — none of whom are romantically involved — live together.

 

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Since the late 1990s, the share of doubled-up residences across the U.S. has increased by nearly 10 percent, their analysis showed — from 23 percent of households to today’s figure. 

The researchers were able to clearly link the increase in shared homes with ballooning rental rates.

As a rule of thumb, those making the national median income should save about 30 percent of their earnings for rent, but this ratio is hard to achieve in some major markets, they explain.

In Los Angeles, for instance, the average renter needs to contribute nearly half of their income toward their lease, with San Francisco not far behind (42 percent).

As rents have outpaced incomes, living alone is no longer an option for many working-aged adults,” says Aaron Terrazas, a senior economist at Zillow, in a press release. “By sharing a room with roommates— or in some cases, with adult parents— working adults are able to afford to live in more desirable neighborhoods without shouldering the full cost alone.”

“This phenomenon is not limited to expensive cities,” he adds. “The share of adults living with roommates has been on the rise in historically more affordable rental markets as well. Unless current dynamics shift and income growth exceeds rent growth for a sustained period of time, this trend is unlikely to change.”

Full article available at Study Finds

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