In the post, user CombProfessional434 wrote, “I swear if people tell you to get a roommate to afford rent you have a problem. A single person should be able to afford a one bedroom all on their own. Now you got couples trying to squeeze into Studio apartments or a 1 bed room if you’re lucky. It’s not like we are even asking for ’luxury’ apartments. Is it really ‘spoiled’ that single people want to be able to afford rent without needing help?”
In an edit, the OP added, “Edit: Wow I didn’t expect this post to blow up but thanks! Just to clarify things a bit what I mean by people who say to get a roommate as ‘part of the problem’ I meant as people are accepting roommates as the new solution to affordable renting. The problem being we need to preach against apartments with high rent. People who want studio or one-bedroom apartments should be able to afford that without working themselves to death working 50 to 60 hours a week.”
According to online realtor Zumper, the median rent in December 2020 in New York was $2,399 compared to $3,738 in December 2022, an increase of 56 percent. Similarly, Jersey City, New Jersey went from a median of $1,825 to $3,102, an increase of 70 percent.
Newsweek spoke to Amy Ford, vice president of Silvernest, an online roommate matching service that pairs empty nesters, retirees and other aging adults with housemates for long-term home sharing.
“Demand for affordable rentals is through the roof, and rents are rising by significant margins, sometimes between 5 percent to even 20 percent in tight housing markets, while wages stay stagnant. All of this is, of course, compounded in the context of inflation.
“Additionally, it’s become well established by the Federal Reserve that 40 percent of individuals don’t have $400 for an emergency, which shows just how challenging it is for many to amass the money to put down for a security deposit, as well as first and last month’s rent.
“More creative options are needed right now to help people get into safe, stable and affordable housing and head off homelessness. We’re hoping that home-sharing can play a role because it taps into existing inventory and opens up more rentals in crunched housing markets.
“People of color who are on low income are the most affected. They make up 60 percent of people in low-income households who pay more than half their incomes for housing. Households 65 and over are also feeling the pinch because many are on fixed incomes and financially unprepared for retirement, especially with retirement periods now ranging upward of 20 or 30 years with longevity.”
“The Joint Center for Housing Studies out of Harvard shows more than one-third of older adult households are paying over 30 percent of their income on housing and half of those are paying more than 50 percent of their income on housing.”
What Does Reddit Think?
Katy-L-Wood offered their opinion, “Right? I shouldn’t need a second person to help me afford my crappy, old apartment with zero amenities.
“And, related, they need to stop making every new apartment building a luxury apartment. I don’t want nor need a pool and a workout center and a community room and whatever else. I need an apartment.”
Another user commented, “Luxury = there’s a washer and drier in there, so we’re charging $3K/mo,” while mtfanon999 mentioned the risk of living with strangers, “I live with one atm who throws used toilet paper on the floor and the bathroom bin is overflowing with sanitary products. So many people are total slobs it’s shocking.”
Newsweek has reached out to CombProfessional434 for comment.
Do you have a monetary dilemma? Let us know via life@newsweek.com. We can ask experts for advice, and your story could be featured on Newsweek.