Think you’re too old for a roommate? Think again. Shared living isn’t just for college students and twentysomethings pinching pennies while launching their careers. As it turns out, it’s also increasingly popular among older adults who don’t necessarily need an entire house to themselves.

Between 2006 and 2016, the number of older adults sharing their homes with nonfamily members grew by 88%, according to the Harvard University Joint Center for Housing Studies.

There are several explanations for the trend, but saving money is a big one. Property taxes, lawn services, and plumbing repairs can turn a house into a money pit.

Nearly 80% of people age 65 and older own their homes. But even so, nearly half of older adults who live alone spend more than 30% of their income on housing expenses. That’s a huge burden. “Finding a way to supplement income can be a really important consideration for older adults, especially those who have retired,” says Lenard Kaye, Ph.D., director of the University of Maine Center on Aging and a professor at the University of Maine School of Social Work.

Living with a roommate is one way to reduce living costs. But shared living offers benefits far beyond money, notes Kaye. “It’s all about remaining in the community and maintaining close relationships that promote our social health as we age,” he says.

In the United States, nearly 15 million older adults live alone, and many report feelings of loneliness and social isolation. That increases the chances of heart disease or a stroke by 29% and 32%, respectively, according to research from the University of York in England.

Social isolation can put your mental health at risk too. A 10-year study of more than 12,000 participants showed that loneliness increases your chances of dementia by a whopping 40%.

“People are designed to live with other people in close proximity,” says John Graham, Ph.D., professor at the University of California, Irvine, and co-author of All in the Family: A Practical Guide to Successful Multigenerational Living. “It’s built into our psyche to live and thrive in small groups. We’re happier and healthier when we’re together.”

How does home sharing work?

It’s a pretty simple concept: Home sharing brings people from different families together under the same roof.

In one arrangement, two or more people rent an apartment together. In another, a homeowner provides a private bedroom and a shared common area in exchange for rent, help with housekeeping tasks, or a combination of the two. Home sharing can take lots of forms. For example:

• A graduate student might take a room in a widow’s house a few blocks from campus, agreeing to pay a low rent, help her with computer issues, and run errands a few times a week.
• A recently divorced person who needs to move will take up residence in an older adult’s house, agreeing to pay rent and take care of the lawn.
• Two adults who live alone in the same apartment complex can decide to move in together and split rent and housework 50/50, an arrangement that makes both of their lives easier.

The possibilities are limitless. If you happen to own the home, you’ll get help with finances. If you’re moving into someone else’s home, you can get a nice living situation without the full financial burden of ownership. And both people will get the benefits of companionship.

For older adults, these arrangements can have a big impact on quality of life. A recent study from the University of Toronto found that nearly 60% of people who rented rooms in their homes expressed a greater sense of well-being. They slept better, experienced less anxiety, and even ate healthier.

Intergenerational home shares are often especially beneficial. “Bringing young and old together can open both up to new points of view and different lived experiences,” says Kaye. But similar-age pairings can work well too. “Two older adults can become very significant supports for each other, helping replace any losses and satisfying the need to have someone to talk to and confide in.”

5 tips for successful home sharing

Of course, home sharing isn’t right for everyone — and even when there’s a good match, things can go wrong. “When you’re sharing your personal space with someone else, there are bound to be some disagreements,” says Kaye. “Even the Golden Girls had fights.”

That’s why planning is important. If you’re considering taking the roommate plunge, follow these tips to go in with eyes wide open.

1. Know yourself

“You need to be honest about who you are and the way you prefer to live,” says Kaye. “If you’re a super introverted person who really values your alone time, sharing your personal space just might not be right for you.”

But keep in mind: Just because you have a roommate doesn’t mean you’ll have to spend every waking moment with that person. Depending on the size of your house, the two of you might really share only the kitchen.

2. Discuss your plans with your children

Your grown-up kids may be worried about the hazards you face while living alone, so they may be relieved that you’ll have a companion. But they might have concerns too: How safe is the arrangement? If you’re away for a few weeks during a vacation or hospital stay, will it be okay for the lodger to remain in the house?

“You need to talk to your adult children early on in the process,” says Graham. They may even help you find the right match.

3. Consider using a home-sharing service

Some homeowners find home seekers through word of mouth or local networking. But others seek help from services such as Nesterly or Senior Homeshares.

“Home sharing sounds so simple, but there’s a lot to think through,” says Riley Gibson, president of Silvernest, a home-sharing platform based in Boulder, Colorado. “We can help with tools for everything from documenting house rules and structuring leases to setting up automatic monthly rent payment plans. A lot of what we do is thinking about the possible points of tension housemates might face and finding ways to address them early and easily.”

If that sounds appealing, reach out to a home-sharing service. Or you can use the National Shared Housing Resource Center to search for nonprofit home-sharing organizations in your state.

4. Get everything in writing

Once you find a roommate, be specific about expectations and responsibilities. How much is the rent and who pays the utilities? If your housemate will help with cooking, cleaning, errands, and so on, exactly what are your expectations? How will you negotiate shared spaces?

“A list of house rules is a good idea,” says Graham. “After a month or so, review it to see what’s working and what’s not. Be prepared to be flexible and make changes as needed. Home shares work best when there’s some room for compromise and negotiation.” As you’re drafting your formal agreement, consider speaking with a lawyer, says Graham.

5. Be ready to say goodbye

Sometimes, a home share just doesn’t work out the way you hope it will. “You may discover that your daily schedules aren’t compatible,” says Kaye. “Or you realize that you just want to be alone again. Or it could be that the person has behavioral issues or personality traits that make living together difficult.”

Be willing to bring the arrangement to an end in a respectful, nonconfrontational way. If you’ve worked with a service, they may be able to help you terminate the agreement amicably.

But oftentimes, that won’t be an issue. If you screen properly and set clear expectations, you may find a live-in companion who cuts your chores and living expenses in half while giving you someone to greet in the morning and chat with regularly. You might discover that your daily life feels a little fuller.