Baby boomers and millennials — could they be more different? The former are in or nearing retirement, while the other group is ambitiously rising in the workforce. Many millennials are waiting to marry and have kids, while their dear old boomer parents, quite possibly divorced by now, were comparatively eager to settle down in their twenties.
Is there any common ground between these two demographics who, rivaling in size, are so often pitted against one another? Research shows that in fact, yes, in many ways millennials and boomers are similar, not only in values but in other matters including finance, living situations, and even online presence.
Renting — and Getting Roommates
Last year, home ownership rates in the U.S fell to a historic low, and while millennials — who are less likely to buy than previous generations — are partly to blame, the surging interest among boomers to rent rather than own mustn't be discounted.
A 2015 study by the Joint Center for Housing Studies at Harvard University found that families or married couples ages 45-64 accounted for roughly twice the share of renter growth as households under the age of 35.
Like millennials, boomers are affected by increasing rents in "hot housing markets. With renters paying increasingly higher rents than ever before, both millennials and boomers are having to adjust their definition of affordability. For example, boomers who grew up with 'the 30 percent rule,' find the new standards of rental prices to be especially unaffordable.
To manage high rent, baby boomers are increasingly open to living with roommates.
Interestingly, it's not just money concerns that motivate boomers to take on a roomie or two. Sometimes, social factors are at play.
Like millennials who choose to live with others for social reason, boomers do the same. In fact, we found that many boomers choose to share living accommodations even though they can afford to live alone.