More home owners are finding homesharing is the answer in being able to still afford their homes. A growing number of home owners--mostly seniors--are opting to rent out their homes to help offset the costs of home ownership during the economic downturn.

In order to stay in my home after a divorce I needed additional income, says Joyce Kane, a 64-year-old divorcee who lives with two women who pay rent in sharing her central New Jersey home.

Similar to other organizations popping up across the U.S., Homesharing Inc. in New Jersey helps broker the partnerships, linking home owners with people who can’t afford to buy or rent and are willing to live with someone else.

Our rate (of success) is better than first-time marriages, says Renee Drell, executive director of Homesharing Inc. What has been happening the last few years is that more people who are home owners need this as other costs rise and their income remains stable. And there is always the population that need this program, but it has increased in intensity now as people have lost their jobs.

Most of the clients tend to be middle-aged women who have fallen on hard times, she says.

Source: “U.S. Seniors Share Homes for Income and Company,” Reuters News (Feb. 7, 2011)