Is home-sharing the answer for the single senior?

Home-sharing among the single senior citizens gained popularity a couple of years ago and it is still happening. According to statistical information, in 2016, there were nearly 7.5 million single senior women and 2.6 million single senior men in the United States.

What has been the result of home-sharing for seniors? Does it really have the obvious financial benefits?

HomeShare programs seek to have seniors stay in their homes and pair them up with other elders in need of a home. The person without a home agrees to help with the house chores in order to reduce their share of the rent.  Besides, the companionship has proved to be beneficial. 

These types of programs that match single senior homeowners with those in need of a home have proved successful in Canada and many places in the United States. Programs such as Northumberland and Halton try to pair people with common interests who would do great at living under the same roof. 

Some of them, like the Northumberland program, are two-year pilots while others are long-term initiatives. Most elders who own a home want to stay in it but do not have the strength or the resources to do it. The majority of the homeowners that join home sharing initiatives are older women living alone, and some senior couples who want to stay in their home but need some assistance to do so. 

Homeseekers include women in their 50s and 60s who still feel they can contribute. The initiative and programs are a great option for seniors, but it is not for everyone.