Senior Shared Housing and Roommate Matching Services
According to a study by AARP Research, 75% of Americans 50 years and older prefer to remain in their current residence. However, with rising costs and potential increasing medical issues and the desire for companionship in later years, home sharing amongst baby boomers and the elderly has increased in popularity.
Made famous by The Golden Girls, home sharing involves a homeowner and “home seeker” who decide to live together. The home seeker typically pays rent and helps around the house by cleaning, cooking, etc. Home sharing is a mutually beneficial arrangement because it provides companionship, financial support, and relief for both parties.
Service providers that match homeowners and home seekers have increased in popularity. These services conduct thorough background checks and match people based on specific criteria and preferences. Some of the most common service providers include Silvernest, and Odd Couples Housing. The Pennsylvania Department of Aging created their own program called Shared Housing and Resource Exchange (SHARE) that pairs residents.
Real Estate for Rehabilitation
Real Estate for Rehabilitation is a subsidiary of The Salvation Army that supports the organization’s Adult Rehabilitation Centers. The centers provide a “highly successful live-in six-month program for no-cost to those in need.”
The organization gathers gently used items from individuals and families who want to donate home goods and furniture. The items are sold in Salvation Army Family Stores and the proceeds go directly to the Adult Rehabilitation Centers. The program is funded by these proceeds.
Homeowners and renters who are moving can schedule a Salvation Army truck to pick up large home goods and furniture they wish to donate. Real estate agents and property managers can encourage clients and tenants to participate during their moving process.
Habitat for Humanity
Habitat for Humanity is arguably one of the more well-known nonprofit-real estate organizations. Habitat partners with families in need to provide the necessary resources and tools to build a home. The nonprofit supports the future homeowners throughout the entire process and helps them pay an affordable mortgage. Habitat also renovates existing properties.
How can you get involved? You can support Habitat for Humanity through volunteer work, monetary donations, or resources/supply donations to their ReStore Locations.
Volunteers of America
Volunteers of America (VOA) develops and manages affordable housing for families, seniors, veterans, those with disabilities, and those who need housing. Founded in 1896, the company manages over 19,000 units and provides housing for over 25,000 people annually.
VOA promotes a “resident-centered approach” that provides stability and comfort to residents’ lives. The organization also seeks to be a “good neighbor” and positively impact the communities they have a stake in, decreasing the stigma often associated with low-income housing.
How can you get involved? Those interested can support VOA through volunteering or donating.
Investing in mission-driven or purpose-driven real estate investment funds
Many real estate investment fund sponsors focus on making an impact in their community in addition to maintaining occupancy and great returns.
Mission-driven or purpose-driven investors and property management companies value returns and social good by creating positive communities and relationships with investors, tenants, and improving the communities in which they invest.
We don’t mean to toot our own horn, but Birgo Capital believes in the importance of mission-driven real estate investing. We steward investor capital, provide a professional and personal property management service for tenants, and impact the tangible and intangible infrastructure of communities.
Having a passion for real estate and helping people in need can go hand in hand. The holiday season is a time to be more charitable so we encourage you to mix your passion for real estate and volunteerism to give back to the community.