Life in New York City is different depending on the citizen: an elderly NYC citizen will live a very different life from NYU students, for example. But, no matter who's living in NYC, the constant is that they're probably paying high rental fees for their apartments. To help the NYU students who might not even have any income to supplement their rent, the university has introduced an intergenerational housing program.
According to NYU's 'Affordability Steering Committee,' the average yearly housing rate in NYU residence halls is $13,000. To reduce this figure, students will have the option to live with older New Yorkers in the area who have a spare room available. Through such a system, NYU predicts that NYU students' rents will fall by at least half.
Intergenerational Housing Programs
NYU Students will Live with the Elderly to Reduce Housing Costs
Trend Themes
1. Intergenerational Housing - Creating living arrangements that bring together different generations to reduce housing costs for students.
2. Affordable Housing - Finding innovative solutions to reduce the high rental fees in cities like New York, such as intergenerational housing programs.
3. Co-living - Exploring collaborative housing options that allow students to live with older individuals, creating a sense of community while reducing costs.
Industry Implications
1. Higher Education - Intergenerational housing programs present an opportunity for universities to address the housing affordability challenge faced by students.
2. Real Estate - Real estate developers can explore partnerships with universities and seniors to create intergenerational housing solutions that benefit both parties.
3. Senior Care - Intergenerational housing programs can offer seniors an additional source of income while fostering a sense of purpose and companionship.