BoomerVille/Gen Y: Bring Back the Boarding House

 For Boomers and Gen Y the "it's always something" more and more is about housing. About a third of us are "housing cost burdened," that is, we're paying out more than one-third of our income for shelter. 

No one really gets off the hook, at least not for long. 

Thought it was smart to hold on to your low-mortgage house? Yeah, now it's time to put on a new roof and cough up the increasing insurance. Figured you were mighty clever to relocate from HCOL (high cost of living) area to a LCOL (low cost of living) one. I did that and the corporate owners kept raising the rent plenty at lease-renewal times. Low cost was no longer low cost.

Maybe as a public service The New York Times has published a very long-form article on home-sharing. Essentially that means renting space, sometimes also adding services such as lawn mowing, in someone else's house. An industry is sprouting up providing a matching service.

But even the enthusiastic coverage of this shelter option admits that it can have the same problems we endured when we could only afford the early years on our own with roommates. The common dream was to get that better job or raise to get out of that communal situation. In addition, come on, even though you're paying rent you are living in someone else's house. To me that would be as oppressive as living with my family again.

But this is America, the land of pragmatic problem-solving. One comment to the NYT coverage states what I was thinking:

"This is the modern version of a boarding house"

Only, the boarding house can have the advantage of not living in someone's house. The arrangement can be structured to be totally commercial. And it could be an investment option for commercial real estate.

Currently less than one percent reside in what we think of as "boarding houses." In 1950, that was about 10%.  And that's even though the cost could be 40% less than an efficiency apartment. 

The exception is and was housing in many large university towns. For example, in Ann Arbor, Michigan, home of the University of Michigan, around campus, documents ChatGPT, about 10% to 25% bunk in some version of the boarding house.

During the late 1960s and early 70s when I was doing doctoral studies at the U of M overall my most satisfying and cost-effective living experiences were in boarding houses within walking distance to campus. I had a private room but with access to socializing with other residents. I became close with those studying music, library science, biology and more. There usually was a common room. Some had cooking facilities. The owners ranged from mom-pop outfits to corporate. 

Currently no way do I again want the responsibility of home ownership. As a renter I feel blessed to be now in a LCOL midsized city where in general there haven't been large increases at lease-renewal time. But, I'd welcome the financial opportunity to cut monthly rent even more by downsizing to a boarding house. Also, there could be a return to easy socializing. 

The wrench in the works, of course, is zoning. Property owners even resent apartment houses in their neck of the woods. We need to lobby. What about tax breaks for those converting vacant housing space, such as dorms attached to out-of-business colleges, into boarding houses. 

More of my coaching is not about careers. The focus is how to afford shelter. 

Career Paths? So Over. It’s about Earning a Good Living. No matter what.

Complimentary consultation. No Pressure. Street-smart Guidance. Contact Jane Genova janegenova374@gmail.com.