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Is Multigenerational Living The Solution To Affordable Housing?

Affordable housing has been a major issue in a number of markets across the U.S. Though many local governments and developers alike are working to resolve the crisis, one solution could quickly alleviate housing tension throughout the country — multigenerational housing.

Is Multigenerational Living The Solution To Affordable Housing?

This trend suggests retiring baby boomers could rent parts of their homes to millennials in order to generate income, while millennials could save money by renting rooms from boomers, the Washington Post reports. And it is a concept that an app called Nesterly is leveraging.

In many ways, Nesterly works like Airbnb. Hosts and guests create profiles that describe themselves and what they are seeking. Guests can then search for available rooms and opt to connect with hosts through the app. If both parties agree to move forward, they can sign a home-sharing agreement and pay directly through the site.

On top of income generation for the person renting a room, Nesterly also encourages guests to do various chores around the house in exchange for money taken off their monthly rent, Fast Company reportsThe concept further encourages socialization, a known issue for thousands of seniors who live alone. 

According to a study conducted by researchers at Trulia, this could be a feasible solution for a large number of people. Trulia found that across America, close to 3.6 million unoccupied rooms could be rented out by boomers who own homes with at least two bedrooms. Salt Lake City was found to have the most available bedrooms while Tampa had the fewest.