Homesharing in LA: Finding a Roommate in Los Angeles

Posted by Silvernest Team on Dec 18, 2020 1:11:03 PM

When it comes to housing costs, Los Angeles is one of the toughest markets in the nation. According to a recent analysis by Zillow Research, LA renters spend 45% of their income on the typical property (spending more than 30% is considered “cost-burdened”). Homeowners in the area aren’t much better off, spending nearly 44% of their income on the typical mortgage (based on current prices). To make matters worse, if you’re among the many San Francisco or San Jose residents found by Zillow to be earning a lower income, you have a whole lot less to live on after paying those high housing costs.  

5 Takeaways for Homeowners from Our Interview on Torchlight's Eldercare Illuminated

Posted by Amy Ford on Dec 9, 2020 10:00:00 AM

For many of us in 2020, our homes have never seemed more like protective fortresses. Even in our protection, however, far too many of us are still feeling the financial impact of this unprecedented time. If you’re one of the 1 in 3 Americans who’ve found difficulty covering usual household needs this year, this should come as no surprise.

Thankfully, your home can protect you from more than just the elements – in fact, it’s an incredible asset. Homesharing is a great way to earn passive income while also benefitting from social connection with a compatible housemate.

When I spoke to the Torchlight team on their Eldercare Illuminated podcast, I kept the impacts of the pandemic in mind. Beyond the finances, there’s a lot to gain from homesharing for those of us nearing retirement or caring for a loved one. Let’s take a look at five discussion points from the interview that felt most pressing for today. We were only able to cover a portion of the podcast topics in this blog, but please click here if you’d like to listen to this special episode of Eldercare Illuminated in its entirety.

 

Share Your Story Podcast Episode 9: Start Homesharing for the Cash. Stay for the Company.

Posted by Silvernest Team on Aug 20, 2019 3:19:03 PM

According to a January 2019 survey conducted by GOBankingRates.com, roughly 50% of Americans 55+ have saved less than $100,000 for retirement. Nearly 33% have saved less than $10,000. These are alarming statistics, to be sure. 

 

5 Ways to Make Money with the Extra Space in Your Home

Posted by Kate Cygan on May 13, 2019 4:34:18 PM

For most people, our homes are our biggest tangible assets. So it seems like a no-brainer to put them to work and make a little money if we can. Airbnb is a big success story, but not everyone wants to rent out their homes for vacationers. Luckily, turning your house into a short-term vacation rental isn’t the only way to make money with your extra space—and we’ve got five creative ideas that prove it.

 

All About Rent: How Much You Can Earn, Save and More (Video)

Posted by Silvernest Team on May 10, 2019 5:05:17 PM

Homesharing can have big economic impacts for both homeowners and renters. This video explains how much Silvernest users can expect to earn or save by creating a Home Sweet Shared Home®.

 

Home Sharing: The New Retirement Solution

Posted by Annamarie Pluhar on Apr 30, 2019 12:56:51 PM

 

Arnie calls her home “my accordion house” and laughs.

It’s a huge Victorian building in the center of Concord, New Hampshire. She inherited it from an aunt who lived on the second floor until her death. When her husband died at an early age, she was suddenly a widow of very limited means. Committed to keeping the home she loves, she got creative, renting every single bit of it in a number of innovative ways. She loves living with home-mates.

Houses Age Too: One Simple Idea for Covering Home Maintenance Costs

Posted by Silvernest Team on Nov 29, 2017 12:45:42 PM

Although many of us want to age at home, that cherished space can become harder to manage as we get older and our kids move away. We no longer need all those bedrooms. And let’s be honest—our houses are aging just like we are, and they need costly surgery sometimes too. The question becomes, is it even feasible to stay at home? The answer is “Absolutely, yes!”  

 

Spring Cleaning in Winter: For Cash and Company

Posted by Kari Henley on Nov 7, 2017 8:41:40 AM

Now is the perfect time to tackle that spare room or guest room that has become the receptacle of old wrapping paper, craft projects or “re-gifting” items—and turn it into a source of income. Cleaning your spare room is the first step toward turning your home into a source of income. Renting out that room can help you earn an extra $750 or so each month, and you might even develop a friendship with your new housemate. 

 

But taking the first step can be overwhelming, especially if that spare room is more than a little cluttered. Here are a few suggestions to help you get started.

 

Seven Ways to Use Homesharing Income

Posted by Silvernest Team on Nov 2, 2017 11:25:03 AM

seven-ways-homesharing-income

If someone handed you an extra $700 cash, you would be pretty excited, right? Maybe you would splurge a bit, go out for dinner, or buy that new pair of shoes or new computer you have been dreaming about.

 

For many who are empty nesters, semi-retired or retired, life is all about budgets, and fun extras become rare or nonexistent. Many older Americans do not have enough money saved to comfortably retire and maintain the lifestyle they were accustomed to.

 

Financial Independence Means Having a Plan for Retirement Income

Posted by Jerry Golden on Jul 10, 2017 9:48:00 AM

Maintaining your financial independence throughout your life is dependent on the plans you make to create retirement income.

 

When you are working, you have to decide how much to put aside for your retirement savings account. You have to plan for your kids’ education, you plan for owning or renting your primary residence, and to take care of your insurance needs, plus a whole lot of other decisions.