House-sharing seniors on the rise amid cost-of-living crisis, according to new survey

New figures reveal baby boomers are the latest victims of the cost-of-living crisis, with many forced to live with housemates just to make ends meet. The National Share Accommodation Survey reveals a growing number of people over 55 are moving into share houses, jumping 7 per cent year-on-year to hit 16 per cent of housemates surveyed in 2024. The annual survey of 8700 housemates — including 783 in Perth — shows the 75-plus age group is the fastest-growing demographic among house sharers. The number tripled in size between 2020 and 2024 to make up 1.24 per cent of those surveyed — or about 108 of the 8700 survey participants. “This is a direct correlation to the rising cost of living and loneliness that many older Australians feel, as more 75-plus Australians turn to share accommodation as a way to keep costs low and companionship high,” Flatmates.com.au product manager Claudia Conley said. It comes amid widespread research showing women aged over 55 are also in the fastest-growing cohort of homeless people. Ms Conley said only about 10 per cent of the senior house sharers did so for companionship. About half the 55-plus age group (51.6 per cent) said the reason behind the move was the cost of living and being unable to afford to live alone. “While share house living has long been associated with younger demographics who might be unable to crack into the housing market, we have seen a significant increase in Australians over 55 entering share house living arrangements in recent years,” Ms Conley said. “Half of respondents over 55 did so through financial necessity. “However there was also a 30 per cent rise in respondents opting for shared living for the companionship that it offers.” But even house sharing has become increasingly expensive, with data from Flatmates.com.au showing the average housemate paid $300 a week for their room. Rooms in some suburbs have jumped well above the inflation rate, with Embleton share homes leading the charge with a 72 per cent jump in weekly rent. Next in line were Riverton (up 58 per cent) and Wanneroo (up 55 per cent).