Airbnb growth is driven by regular people who use their main housing as a way to generate supplemental income. This is especially true for Airbnb’s growing community of hosts over 50 or more years old. A new report released by Airbnb highlights the activity of these senior hosts on the Airbnb platform, which shows they are increasingly opening their homes to travelers from around the world.
In Europe, for example, the number of senior hosts in Europe has nearly doubled in the past year (July 2015 through July 2016) making them are the fastest-growing demographic of Airbnb hosts. Half of senior hosts in Europe say that hosting has helped them afford to stay in their home.
According to this report, as people age, their income tends to dramatically decrease and this means that their mortgage eats up a larger portion of their income, sometimes at unsustainable levels. For some, Airbnb can be an economic lifeline, taking a space in their home that would otherwise be underutilized and using it to earn money that helps them make ends meet
For Americans between the ages of 65 and 75, a $1,500 monthly mortgage payment represents 49% of their income, according to 2014 U.S. census data.To avoid moving away from their current homes or taking on additional financing, Airbnb says that home-sharing provides a significant source of additional income.
But how much are they making? On average, Airbnb hosts over the age of 65 make $8,350 annually via home-sharing. The company estimates that this can bring down the monthly portion of income spent on housing to 26% for hosts between the ages of 65 and 75, and to 34% for hosts over 75, assuming a monthly mortgage of $1,500.
Airbnb says that as of April 2016, 320,000 hosts over the age of 60 have earned a total of $747 million through the company’s service.
Are you ready or willing to open the doors of your home?
