Housing affordability is no longer just a first-time homebuyer issue. It is becoming one of the biggest financial challenges facing older adults, retirees, and homeowners on fixed incomes.

A recent NPR article highlighted a growing trend: more seniors are turning to roommates because the cost of living alone has become too expensive. According to the report, the share of adults age 65 and older looking to rent with a roommate has tripled over the past decade. The article also noted that in 2023, more than one-third of households headed by adults 65 and older struggled with housing costs.

That should get everyone’s attention.

The Cost of Living Alone Is Changing Retirement

For many people, retirement was supposed to mean comfort, independence, and peace of mind. But rising housing costs, higher insurance premiums, property taxes, utilities, healthcare costs, and everyday expenses are forcing many older adults to make difficult decisions.

Some are downsizing.
Some are moving in with family.
Some are renting out rooms.
Some are searching for more affordable housing.
And some are realizing that the home they already own may need to play a larger role in their retirement strategy.

This is not about poor planning. It is about a housing market that has changed dramatically.

Homeownership May Be One of the Most Important Retirement Assets

For homeowners, equity can be a powerful financial tool. Your home may be more than a place to live. It may also represent years of savings, appreciation, and financial security.

That does not mean every homeowner should sell. It also does not mean every homeowner should take on more debt. But it does mean homeowners should understand their options before they feel forced into a major life change.

Depending on your situation, those options may include:

• Selling and downsizing into a more manageable home
• Moving closer to family or healthcare services
• Purchasing a home that better fits your lifestyle
• Using home equity strategically
• Exploring whether a reverse mortgage or HECM could provide additional flexibility for homeowners age 62+
• Reviewing whether your current mortgage, taxes, and insurance still fit your retirement budget

The Real Estate Conversation Has Changed

For years, real estate conversations focused mainly on buying, selling, and moving up. Today, the conversation is broader.

It is about affordability.
It is about quality of life.
It is about aging in place.
It is about protecting cash flow.
It is about making sure your housing situation supports the next chapter of your life.

The NPR article makes one thing clear: more seniors are being pushed into shared housing because traditional housing costs have become harder to manage. But homeowners may have choices they have not fully explored yet.

Before You Make a Major Housing Decision, Get the Full Picture

If you are a homeowner, retiree, adult child helping a parent, or someone approaching retirement, now is the time to review your housing strategy.

Ask yourself:

• Is my current home still affordable?
• Is my home still practical for my lifestyle?
• Would downsizing improve my monthly cash flow?
• Could my home equity help create more flexibility?
• Am I making decisions from a place of strategy — or pressure?

The right answer is different for every family. But the most important step is knowing your options before you need them.

Final Thought

The rise in seniors seeking roommates is not just a lifestyle trend. It is a signal that housing affordability is impacting every generation.

Your home should support your life, not limit it.

Whether you are considering selling, buying, downsizing, relocating, or simply exploring how your home equity fits into your retirement plan, having the right real estate and mortgage guidance matters.

If you or someone you love is wondering what the next housing move should be, let’s have a conversation. There may be more options than you realize.

Brian Griffin
Real Estate Broker | Senior Loan Officer
Griffin Lending Group
NEXA Lending | AXEN Realty