Alan Ferber, 87, shares a fourth-floor walk-up apartment in New York City with a roommate to manage escalating rent costs, which have become increasingly difficult to afford on his own. “It’s gone insanely crazy,” Ferber said. He splits the $2,000 monthly rent for their 500-square-foot apartment with Daniel Yafet, a 69-year-old avid biker who sleeps in the loft.
When asked if he could retire, Yafet responded, “I wouldn’t be in New York if I retired.” The roommates connected through the New York Foundation for Senior Citizens, a nonprofit organization that matches seniors looking to share housing costs.
Back when the foundation started matching people in 1981, most participants sought companionship. Now, almost everyone is pursuing affordability. “I was by myself for a bit, and I thought I should get a roommate just to help,” Yafet said.
The nonprofit offers a free matching service that pairs “hosts” with extra bedrooms to responsible, compatible “guests” across all five boroughs of New York City. One of the sharemates, either the host or the guest, must be at least 60 years old.
The trend of seniors living with roommates is on the rise. More than 1 million Americans over the age of 65 lived with roommates they aren’t related to in 2024—a 16% increase from 2019, according to the Harvard Joint Center for Housing Studies.
At the same time, seniors are facing growing financial strain amid rising costs for basic necessities. In the 50 largest U.S. cities, rent for a one-bedroom apartment climbed an average of 41% between 2020 and 2025, according to a recent study from loan marketplace LendingTree. New York had the largest monthly rental increase on the list, rising $854 for a one-bedroom over the last five years.
Meanwhile, retirement savings remain low. The average American worker has less than $1,000 saved for retirement, according to a new report from the National Institute on Retirement Security. The analysis also found that workers across all age groups are lagging behind recommended benchmarks for retirement savings.
When asked if he could cover all his expenses using Social Security without a roommate, Ferber said, “Barely. What really helps naturally is working at Costco three days a week.”
Yafet believes the trade-off is worth it, saying, “I’m better off, certainly, with having a roommate.”
https://www.cbsnews.com/news/older-americans-roommates-high-rent/
