Homesharing in Broward County to Increase Housing Affordability
Broward County, FL
With seven million people over the age of 60 expected to call Florida home in the coming years and four million Floridians supporting a post-retirement-age family member or friend, Broward County is pursuing a partnership to pursue homesharing.
Topics Covered
Funding
General Fund/Existing Public Funds
Project Status
Operational since 2019
Problem Addressed
South Florida is one of the nation's least affordable places for renters.
And home owners face affordability challenges too. With seven million people over the age of 60 expected to call Florida home in the coming years and four million Floridians supporting a post-retirement-age family member or friend, there’s a large and growing need to get creative with housing and community engagement. According to a 2017 study from the Joint Center for Housing Studies at Harvard University, nearly two of three renters in Palm Beach, Broward and Miami-Dade counties are devoting more than 30 percent of their incomes to housing costs. More than a third of renters in the region — 304,200 households — and more than half of those who own their homes are “severely burdened,” spending more than half of their incomes on housing. Seniors are uniquely impacted by this crisis as many are outliving their assets and becoming less capable to provide for themselves as they grow older.
Solutions Used
Broward County is partnering with the South Florida Institute on Aging (SoFIA) and Silvernest to support Floridians aging in place.
SoFIA’s Silvernest partnership in Broward County pairs homeowners who have extra space in their homes with long-term housemates, enabling them to stay in the homes they love, earn extra income (average of $10,000 a year) and provide affordable housing to those who need it. Silvernest is handling all aspects of the process – matching based on compatibility, background checks, lease creation and more. A housemate can be the extra set of hands around the home that makes staying home manageable, not overwhelming. By matching homeowners and renters based on compatibility—including the option to accept/pay reduced rent in exchange for help around the house—Silvernest allows both parties to create an arrangement that benefits and works for them.
Outcomes
1
Home-sharing reduces the cost burden of living alone or in pricey retirement communities and assisted living facilities.
2
Home-sharing creates stable, longer-term arrangements where the compatibility of the parties may reduce social isolation.
3
Potential stock of homes to be shared may outpace availability of affordable housing currently under construction.
4
Homeowners across the US are using Silvernest to supplement their income an average $10,000 per year by renting out their spare rooms
5
Renters across the US are using Silvernest to save an average $9,000 per year by homesharing rather than paying market rent rates.
Something Unique
By partnering with a nonprofit and homesharing company like Silvernest, the reach to engage and educate older adults about homesharing grows thus leaving less of a burden on government service programs to support the aging population and housing challenges.
Who Should Consider
Municipalities that are looking to tackle the challenge of an aging community with limited housing options, and nonprofits that are serving older adults and housing.
Last Updated
Sep 23rd, 2019More resources about this case study
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