{"id":22035,"date":"2018-01-16T09:45:54","date_gmt":"2018-01-16T14:45:54","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=22035"},"modified":"2018-01-16T09:45:54","modified_gmt":"2018-01-16T14:45:54","slug":"getting-roommate-golden-years","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/getting-roommate-golden-years\/","title":{"rendered":"Getting a Roommate in Your Golden Years"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2018\/01\/seniors.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22036\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2018\/01\/seniors.jpg\" alt=\"\" width=\"768\" height=\"512\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2018\/01\/seniors.jpg 768w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2018\/01\/seniors-300x200.jpg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><\/p>\n<p>Kaya Larerman writes in The New York Times of a new trend for seniors in expensive rent districts.<\/p>\n<p>This could work anywhere, even here.<\/p>\n<div id=\"shell\" class=\"shell\">\n<div id=\"page\" class=\"page\">\n<article id=\"story\" class=\"story theme-main   \">\n<div class=\"story-body-supplemental\">\n<div class=\"story-body story-body-1\">\n<p class=\"story-body-text story-content\" data-total-count=\"357\" data-para-count=\"357\">Like many older Americans, Shazzi Felstein recently found herself in an unexpected financial bind. About a year ago, she noticed that her savings had dwindled. To her horror, she realized that her monthly Social Security check would not cover her rent-stabilized one-bedroom apartment in Chelsea and monthly expenses like utilities and food for much longer.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"641\" data-para-count=\"284\">A former computer systems analyst, Ms. Felstein, 73, had always saved as much as she could and had enjoyed relatively stable finances. That changed in 2011, she said, when she lost about $80,000 in retirement savings after investing in a company that turned out to be guilty of fraud.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"942\" data-para-count=\"301\">The owners of the Massachusetts-based <a href=\"https:\/\/www.justice.gov\/usao-ma\/pr\/former-principals-vehicle-financing-company-indicted-fraud-charges\">Inofin Inc.<\/a>, a subprime auto loan company, swindled hundreds of investors, and the company entered into involuntary bankruptcy. Ms. Felstein has been unable to recoup her money, although the company\u2019s founders pleaded guilty to fraud and were sentenced to jail.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"1171\" data-para-count=\"229\">\u201cI felt very lost,\u201d said Ms. Felstein, a former nationally ranked table tennis and Scrabble champion. \u201cI have always paid my rent on time, and I knew if I didn\u2019t do something, I wouldn\u2019t be able to live here anymore.\u201dSo she did what many others do to keep costs down in an expensive city: She found a roommate.<\/p>\n<\/div>\n<\/div>\n<div class=\"story-body-supplemental\">\n<div class=\"story-body story-body-2\">\n<p class=\"story-body-text story-content\" data-total-count=\"1944\" data-para-count=\"458\">Instead of placing an ad online, however, Ms. Felstein turned to the <a href=\"http:\/\/www.nyfsc.org\/\">New York Foundation for Senior Citizens<\/a>, a Manhattan-based nonprofit. The group has been operating a home-sharing service since 1981, matching people who have space in their homes with those in need of affordable housing. It is one of a number of similar programs that have emerged across the country as the population of older Americans grows, as a way to help people stay in their homes.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"2483\" data-para-count=\"539\">The concept of pairing older people with younger ones, particularly those who are not family members, is not a new one: It was popularized by <a href=\"http:\/\/www.nytimes.com\/1995\/04\/23\/obituaries\/maggie-kuhn-89-the-founder-of-the-gray-panthers-is-dead.html\">Maggie Khun<\/a>, an elder-rights activist who <a href=\"http:\/\/www.nytimes.com\/1981\/06\/22\/style\/gray-panther-founder-and-a-family-of-choice-robert-jaffe-and-harold-bair.html\">opened up her Philadelphia home<\/a> to others for more than 20 years before she died in 1995. Today\u2019s home sharing, however, is as likely to be between those of the same age as it is to be intergenerational. The crucial thing is that it involves two or more people sharing an apartment or a house to their mutual benefit. And finances often play a big role.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"2846\" data-para-count=\"363\">For those who are still working age, it\u2019s getting harder to pay the rent: According to a <a href=\"https:\/\/streeteasy.com\/blog\/nyc-rent-affordability-2017\/\">StreetEasy survey<\/a>, rents in the city rose twice as fast as wages between 2010 and 2017. The lowest rents (those up to $2,300) rose 4.9 percent annually since 2010, which means someone who paid $1,500 a month in 2010 likely paid nearly $600 more for the same place in 2017.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"3446\" data-para-count=\"600\">For baby boomers entering retirement, financial security is also increasingly hard to come by. Many Americans may think they have plenty of savings, but about half have not saved enough to maintain their pre-retirement living standards, according to a <a href=\"http:\/\/crr.bc.edu\/briefs\/national-retirement-risk-index-shows-modest-improvement-in-2016\/\">recent estimate<\/a> by the <a href=\"http:\/\/crr.bc.edu\/\">Center for Retirement Research at Boston College<\/a>. The rising cost of health care, increased life expectancy and lower interest rates only exacerbate the situation. In addition, a <a href=\"http:\/\/www.fanniemae.com\/portal\/index.html\">Fannie Mae<\/a> <a href=\"http:\/\/www.fanniemae.com\/resources\/file\/research\/datanotes\/pdf\/housing-insights-100517.pdf\">survey<\/a> found that baby boomers are more likely to be carrying mortgage debt into their retirement years than previous generations were.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"3888\" data-para-count=\"442\">To Ms. Felstein, who was confronting these realities, there didn\u2019t seem to be any other option than taking in a roommate. The New York Foundation for Senior Citizens connected her with a licensed social worker who asked a host of questions, including details about her sleeping habits, personality, interests and daily schedule. She also had to provide three personal recommendations and her rental agreement, to prove she was on the lease.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"4003\" data-para-count=\"115\">And she was asked to describe what she considered the ideal roommate. Her response: someone who wasn\u2019t home much.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"4090\" data-para-count=\"87\">\u201cI knew it would be a long shot,\u201d she said, \u201cbut I thought I should be honest.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"4278\" data-para-count=\"188\">She found her match in Yukari Honda, a 27-year-old graduate student in interior design at the New School. Ms. Honda, who is from Tokyo, is often at school from morning until past midnight.<\/p>\n<p id=\"story-continues-4\" class=\"story-body-text story-content\" data-total-count=\"4595\" data-para-count=\"317\">A year ago, Ms. Felstein moved out of her old bedroom to make room for Ms. Honda. She replaced the living room sofa with a bed, turning the living room into a bedroom for herself. Fortunately, there is a separate kitchen and common room where Ms. Honda studies and Ms. Felstein keeps reams of fabric for her quilting.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"4850\" data-para-count=\"255\">The two split the utilities and the $1,145 rent equally. They rarely share meals or do things together, but have found that they seek each other out in other ways. \u201cShazzi is so patient, she has helped me for hours with my schoolwork,\u201d Ms. Honda said.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"5038\" data-para-count=\"188\">Ms. Felstein, an avid quilter, said she has been thrilled to talk about design and assist Ms. Honda with her assignments. In return, Ms. Honda has been helping out more with the housework.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"5183\" data-para-count=\"145\">\u201cGetting a roommate at my age certainly required some mental adjustment,\u201d Ms. Felstein said. \u201cBut it has been wonderful in so many ways.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"5508\" data-para-count=\"325\">Susan Bendes, the shared housing coordinator at the <a href=\"https:\/\/www.womensrights.org\/\">Women\u2019s Rights Information Center<\/a>, in Englewood, N.J., said the nonprofit, which has found affordable housing for Bergen County residents since the 1970s, believes there is an urgent need for public policymakers to promote home sharing to seniors to prevent homelessness.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"5850\" data-para-count=\"342\">\u201cI have seniors who call and ask me all kinds of questions because they\u2019re in dire need of financial assistance to stay in their homes, but they tend to be gun-shy when it\u2019s time to actually bring in a tenant,\u201d Ms. Bendes said. \u201cThere needs to be more dialogue on how and why home sharing should be a normal thing in our society.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"6201\" data-para-count=\"351\">Statistics show that the number of older Americans who are <a href=\"https:\/\/www.nytimes.com\/2016\/05\/31\/us\/americas-aging-homeless-old-and-on-the-street.html?_r=0\">homeless<\/a> is growing. In 2007, homeless people 62 and older who sought shelter accounted for 2.9 percent of the country\u2019s homeless population. By 2016, the percentage had risen to 4.7, according to estimates from the <a href=\"https:\/\/endhomelessness.org\/\">National Alliance to End Homelessness<\/a>, a Washington, D.C., advocacy group.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"6393\" data-para-count=\"192\">\u201cPeople were doing O.K. until the recession,\u201d said Nan Roman, president of the alliance. \u201cBut as people lost their jobs and struggled to get rehired, some lost their assets over time.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"6624\" data-para-count=\"231\">Wendi Burkhardt, chief executive of <a href=\"https:\/\/www.silvernest.com\/\">Silvernest<\/a>, an online home-sharing and roommate-matching service geared toward older adults, thinks that society\u2019s penchant for independent living has clouded the conversation about how we age.<\/p>\n<p id=\"story-continues-5\" class=\"story-body-text story-content\" data-total-count=\"6959\" data-para-count=\"335\">\u201cI really think the \u2018Golden Girls\u2019 were early trendsetters,\u201d she said, referring to the popular TV sitcom from the late \u201980s and early \u201990s, in which four older women lived under the same roof in Miami. \u201cWhy wouldn\u2019t you want to share your home with others, whether it\u2019s for financial reasons or for companionship?\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"7255\" data-para-count=\"296\">Although placing an ad and setting up a profile is free, Silvernest charges those who have rooms to rent about $30 to use the messaging service to communicate with potential roommates. Those seeking rooms pay the same amount, which covers a background check and gives them access to the listings.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"7505\" data-para-count=\"250\">More than 70 percent of those who have placed an ad since the company was started in 2015 were motivated by financial reasons, Ms. Burkhardt said, noting that while most of the company\u2019s clients are in the West, the service is available nationally.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"7785\" data-para-count=\"280\">The real estate listings site <a href=\"https:\/\/www.trulia.com\/blog\/trends\/boommates\/\">Trulia estimates<\/a> that there are 3.6 million unoccupied rooms that can be rented out in the country\u2019s largest housing markets \u2014 and there may be more than 17,700 spare rooms that can be rented out for about $868 a month in the New York area alone.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"7946\" data-para-count=\"161\">Sarah Oswald, <a href=\"http:\/\/www.sarahoswald.org\/\">a relationship coach<\/a> who lives in Boulder, Colo., said she messaged numerous people through Silvernest to find her father, John Oswald, a roommate.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"8291\" data-para-count=\"345\">Mr. Oswald, 69, lives in a one-bedroom rent-stabilized apartment in the West Village and has no pension to rely on, he said, because he worked in the nonprofit world for years. Health issues stemming from his service in the Vietnam War also took a toll on his finances, because numerous surgeries on his legs prevented him from working at times.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"8625\" data-para-count=\"334\">Ms. Oswald said she tried using Craigslist and university housing boards, but they were difficult to navigate from afar. With Silvernest, she said, she was able to carefully read all the profiles, which made choosing whom to message and to introduce to her father much simpler. \u201cThe vetting the firm does for you helps,\u201d she said.<\/p>\n<p id=\"story-continues-6\" class=\"story-body-text story-content\" data-total-count=\"8965\" data-para-count=\"340\">Other start-ups are following suit. <a href=\"https:\/\/www.nesterly.io\/\">Nesterly<\/a>, an online portal that matches intergenerational roommates, will start offering services in New York this year after being introduced in Boston last fall. \u201cWe\u2019d like to help create new units of affordable housing at a time when there\u2019s a dire need for it,\u201d said Noelle Marcus, a founder.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"9269\" data-para-count=\"304\">Elizabeth Rosania, 86, learned a painful lesson when she found boarders through the classifieds in the local paper. After her husband passed away in 2013, a year of living alone in her four-bedroom, three-bathroom house on a four-acre estate in Lebanon, N.J., left Ms. Rosania lonely and seeking company.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"9642\" data-para-count=\"373\">She had worked as a nurse her entire life, she said, and she wanted to continue helping people in another capacity. Her first few tenants, however, were too much for her to handle. One female tenant in her seventies was addicted to OxyContin. Another tenant, a struggling alcoholic in her fifties, stole a nine-foot satellite dish, jewelry and appliances, Ms. Rosania said.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"9863\" data-para-count=\"221\">But last year, she found John Costanzo, 61, with help from social workers at <a href=\"http:\/\/homesharing.org\/\">HomeSharing Inc<\/a>., a nonprofit in Bridgewater, N.J., and the two became fast friends. They now watch TV, run errands and eat most meals together.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"10225\" data-para-count=\"362\">For Mr. Costanzo, a former Marine who owned a crane-rigging business and is on disability after several back surgeries, affordable housing was essential. He pays $600 for his room, a monthly fee that includes utilities and cable. He is not allowed overnight guests, alcohol and drugs are prohibited in the house, and he must keep the bathroom clean at all times.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"10318\" data-para-count=\"93\">\u201cI think my blood pressure is lower and I\u2019ve lost 43 pounds since I moved in,\u201d he said.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"10384\" data-para-count=\"66\">\u201cI wouldn\u2019t know where,\u201d Ms. Rosania shot back with a smile.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"10605\" data-para-count=\"221\">Home sharing, of course, is not just for those who need the money. Taking in a tenant for little or no rent in exchange for household work suits many who have extra space, like Thelma Chesney, a Brooklyn Heights resident.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"10912\" data-para-count=\"307\">Ms. Chesney, 91, started living with a new roommate last month. In exchange for light household work \u2014 taking out the garbage, cleaning the house, shopping \u2014 Grace Linderholm, 23, an artist who recently graduated from New York University, gets to live on the top floor of Ms. Chesney\u2019s house for free.<\/p>\n<p id=\"story-continues-7\" class=\"story-body-text story-content\" data-total-count=\"11312\" data-para-count=\"400\">A former associate professor at the New York University Silver School of Social Work, Ms. Chesney said the four-story brownstone became \u201ca lot of room for one person\u201d after her three children moved out and her husband passed away in 2008. She finds all her lodgers through word of mouth, and also rents out the ground floor at a reduced rate, in exchange for handyman work done on the brownstone.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"11603\" data-para-count=\"291\">But more important than the work her tenants do, she said, is having her home lived in, especially when she is on vacation or visiting her children. She recalled previous boarders, including one who practiced the cello for hours on end and another who helped her sew buttons on her clothing.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"11744\" data-para-count=\"141\">\u201cI\u2019ve been able to coexist with everyone quite well,\u201d she said. \u201cHaving someone fetch you milk in bad weather is quite convenient.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"12222\" data-para-count=\"478\"><a href=\"https:\/\/www.cranecaremanagement.com\/\">Melissa McHam Green<\/a>, a licensed social worker and eldercare manager in Brooklyn, has helped some of her clients find roommates and agree on mutually beneficial guidelines. She advises those interested in home sharing not to go about it on their own: Go through a nonprofit service, she said, or ask a trusted eldercare professional, friends or family to help properly vet the prospective roommates. And before you sign a lease with a boarder, make sure to do a background check.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"12314\" data-para-count=\"92\">\u201cYou need a huge amount of trust and to be very clear with your expectations,\u201d she said.<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"12524\" data-para-count=\"210\">\u201cBut if you have the help you need to stay in your home \u2014 and the tenant gains affordable housing in exchange \u2014 I think there\u2019s much to gain socially and spiritually when young and old live together.\u201d<\/p>\n<p class=\"story-body-text story-content\" data-total-count=\"12524\" data-para-count=\"210\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f16536-o1\" lang=\"\" dir=\"ltr\" data-wpcf7-id=\"16536\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/22035#wpcf7-f16536-o1\" 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districts.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[10,12,247,241,39,248,34,33,62,42,219,11,249,243,7,246,244,44],"class_list":["post-22035","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-bocas-del-toro","tag-boquete","tag-boquete-boca-chica-real-estate","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-travel-to-panama"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Getting a Roommate in Your Golden Years - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/getting-roommate-golden-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting a Roommate in Your Golden Years\" \/>\n<meta property=\"og:description\" content=\"Kaya Larerman writes in The New York Times of a new trend for seniors in expensive rent districts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/getting-roommate-golden-years\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog and Newsletter\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=100088396493750\" \/>\n<meta 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