A real-life 'Golden Girls' retirement

3 women in their 60s bought a Pittsburgh home together and share all costs, breaking traditional norms.

By Kim Peterson Jun 10, 2013 4:09PM
Image: Real estate agent (© Stockbyte/SuperStock)Three Pittsburgh women are forgoing the traditional retirement route, living in a house they bought together when they were in their fifties.

It's a neat story of women who don't want to live alone or in a standard retirement community. They are single, and still working even though they are in their mid-sixties, Reuters reports. But they plan to continue living in the home after they retire.

The women are all divorced and knew each other from attending the same church. They call the setup "cooperative housing," and here's how it works, according to Reuters:
  • They bought a four-story, $395,000 house together in 2004. They took out a $300,000 mortgage on the property.
  • They had a lawyer draw up the papers to form a general partnership that owns the home. No one can sell their share of the home unless the other two women approve.
  • Each woman pays $1,600 a month, which goes toward the mortgage, taxes, utilities, home maintenance and food.
  • They are casual about sharing food. Each can cook whatever she wants whenever she wants.
They are saving plenty of money. The home's annual utility bill is about $5,000, which, when split three ways, is a much better deal than the $3,000 each of them had previously paid in their individual homes.

You can read more about the women in a book they have written about the setup. It's called "My House, Our House: Living Far Better for Far Less in a Cooperative Household."

More on moneyNOW



8Comments
Jun 10, 2013 4:38PM
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Awesome!  As a man in his 40's who doesn't have any family where I live and very few 'real' friends I can count on... I would totally share a house with other retirees if it meant companionship, shared expenses and a way to live out the golden years around people close to your age and such.   Good for these ladies, not taking taxpayer money and maintaining control over their existence.   I wish them many happy years in their home together!!
Jun 10, 2013 11:17PM
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Was thinking about this just recently...Have a few friends, (just a couple) that co-habit like this..

It saves them money going in together to pay common bills...That otherwise would be expensive to live alone...

It can work out, but anyone involved has to have their own space also...imo.

 

Consider when they are older, they can also share a housekeeper or a stop in/live in nurse by the same advantages.

Jun 10, 2013 4:49PM
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A good deal until....someone gets a catastrophic illness and their meds and/or treatment takes up $1600 per month. But hey, it's nice to try.
Jun 10, 2013 4:46PM
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This is breaking my heart! I have missed DD since moving to Calif several years ago and look forward to making it my 1st stop when I visit home (Boston will always be home). Good coffee and decent donuts are synonymous with home and comfort to me.  But every comment I've read so far has been bad. Reading all these negative comments make me fear I will find I've lost an important part of what makes my old stomping grounds, 'home'.  I'm already grieving! 
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