CESI Financial Blog

Get Debt Consolidation Options

Call Now! (866) 484-5373

More Married Couples are Getting a Roommate – Should You?

getting a roommate

After saying, “I do,” you probably thought your spouse would be the only roommate you’d ever share your home with again. But, according to a new study, a growing number of married couples are actually getting a roommate to help them cut housing costs.

A new study from Trulia.com finds that the number of married couples with a roommate is still very small, but growing. According to the report, 3.28 percent of all U.S. households—or about 4.2 million homes—included a roommate or boarder in 2018. For married couples, the rate is just 0.46 percent, but it’s a number that has more than doubled since 1995.

While bringing in a roommate might not be your definition of wedded bliss, it’s clear many of these husband-and-wife duos are renting out a portion of their home to help cover their housing costs.

According to the study, you’re more likely to find these married-with-a-roommate households in high-cost housing areas such as Honolulu, Orange County, Calif., and San Francisco. What’s more, married couples who own their own home are less likely to invite a roommate than married renters, who often face rent hikes and other changes to their housing costs that might put a dent in their own budget, according to the study.

If you’re looking to trim your own housing costs, getting a roommate might seem like an obvious option. But tread lightly. Before you open your spare bedroom, you’ll want to ensure you’re making the right decision and have found the right person.

4 Things to Consider Before Getting a Roommate

Are you both really, truly on board

For one spouse, saving several hundred dollars a month—or more—on your housing costs might seem like a no brainer. For the other, those dollars might not be worth giving up privacy and time alone with loved ones.

Before you consider getting a roommate, have open and honest discussions with your spouse about whether the arrangement is something you both can live with. While you’re at it, consider additional ways to reduce your housing costs and budget in other areas. These are conversations you should be having on a regular basis anyway. Research shows that couples who talk about money are more likely to be together for the long haul.

Search far and wide

It might be tempting to invite your best friend or favorite cousin to live with you, but that might make your spouse feel like a third wheel and, if the arrangement doesn’t work out, it could strain your relationship with your own friend or relative. Instead, cast your net far and wide. Ask your friends and relatives for suggestions. Online sites also make it easy to find potential candidates. Moving.com reviews 10 online roommate finders.

Ask all the questions

Before any agreement is signed, make sure you really know the person who will be sharing your home with you. How messy are they? What’s their schedule like? Do they have any pet peeves? Will a significant other be spending time with them in your home? Do they have a steady job? How loud do they play their music? Do they have a pet?

Realtor.com also recommends that you gather background information on them, including the name and phone number of their current employer, copies of current pay stubs, personal references, a reference from a former landlord and a criminal background check.

Get it in writing

Once you’ve found the perfect roommate, don’t rely on a handshake deal. Get everything in writing to protect yourself if something goes awry. The lease agreement should include details about the security deposit, total rent, utilities, late fees, repairs and maintenances and when the lease expires. Forbes lists the 10 terms to include in your lease agreement.

Opening your home and getting a roommate for even just a few months or a year could help your family when the budget is tight, but it isn’t an arrangement you should enter into lightly. Before you start cleaning out the guest room, take the steps now to ensure it’s the right decision for you and your spouse.

If you are experiencing financial difficulty and are looking for a solution, non-profit credit counseling can help you make sense of all your options. ​Contact us today for a free financial assessment with one of our certified credit counselors.

  CESI_Multiview_728_902  

Leave a Reply

Your email address will not be published. Required fields are marked *

OUR MISSION

Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.

OUR SERVICES

Debt Consolidation

Financial Education

Homeownership Center

View More of Our Services »

CESI is NOT A LOAN COMPANY

Financial Information about this organization and a copy of its license are available from the State Solicitation Licensing Branch at 919-814-5400. The license is not an endorsement by the State. 

Follow Us

Consumer Education Services, Inc. © 2019

"system.force_localstorage_fallback"