Most people could use a little extra money at one time or another. One popular way to earn some extra cash these days is to drive for a ride-sharing company like Uber or Lyft. However, you might be disappointed to find out how much an Uber driver actually makes per hour.
There are plenty of other options out there that can help make ends meet. Here is a great big list of legitimate ways you can make money at home that can help.
But what if you need to bring in more money than a part-time side gig can provide? This is a situation that many Americans are finding themselves in nowadays. Especially in the most expensive housing markets in the U.S.
Millennials are struggling to find housing that they can afford. And, some retirement-age baby boomers are struggling to keep up with the rising costs of owning a home.
What if the two generations teamed up to alleviate these housing problems? Keep reading to find out how.
How boom-mates can help those struggling in the housing market
The online real estate site, Trulia, recently looked into the housing-related struggles impacting both millennials and baby boomers. It studied the 100 largest U.S. housing markets to find homes owned by boomers that had at least two unoccupied bedrooms.
It turns out there are tens of thousands of homes that fit this description. There are over 3.5 million vacant rooms that would be perfect for renters.
Boomers could supplement their income by renting a room to millennials and collect up to $14,000 per year. Since AARP says that nearly 90 percent of seniors want to stay in their own homes as they age, this additional income would help them do it.
This would also help young adults. Renting a room could save them thousands of dollars per year when compared to renting a one-bedroom apartment. Although this might seem like a strange situation, baby boomers renting rooms to young adults, dubbed boom-mates, is a growing trend in Europe. So we know it can be a success.
The economic benefit for boom-mates fluctuates from market-to-market, based on rental rates and availability. The following chart shows estimated income as well as annual renter savings in the top 25 U.S. markets.
Image: Chart showing economic benefits for boom-mates. (Source: Trulia)
As you can see in the chart, landlords in San Francisco can bring in nearly $22,000 per year and renters there can save over $14,000. Miami is another thriving market where landlords can make an extra $13,000 and renters can save nearly $9,000.
Financial gains are not the only potential positive outcome for boom-mates. Studies have shown that increased social interaction leads to better health. Shared housing can ease loneliness, which plays a role in increased mortality risks.
This seems to be a win-win situation for everyone. It could be a perfect solution for anyone needing some financial relief.