Finding affordable senior housing is crucial for older adults who live on fixed incomes. It is even more vital for those who live below the national poverty level. Below, we’ll cover some programs and other innovative solutions that help seniors afford housing as well as budget tips to help you get the most out of your money.
Affordable Senior Housing Options
Affordable housing is in short supply in many areas, especially for seniors. However, that doesn’t mean you’re out of luck. With a little research, some waiting, and an open mind, you can find affordable senior housing that meets your budget. Let’s look at a few different options.
1.Low-Income Senior Apartments and Condos
Some apartment and condo complexes cater exclusively to low-income seniors. With this option, you can enjoy your own private living space at a price that you can afford; this is typically no more than 30 percent of your adjusted gross income (AGI). So, if your AGI is $1,000 per month, you’d owe no more than $300 for rent. Varying government programs, nonprofits, and other groups subsidize the cost.
2.Cooperative Housing for Seniors
Cooperative housing for seniors isn’t the most affordable option on our list, but it can be cheaper than moving into a retirement community or staying in your own home. In a co-op, a company owns the building(s) and land. Seniors can purchase shares in the company. In exchange, you can lease a housing unit and use common areas, such as fitness rooms, community kitchens, laundry facilities, and outdoor spaces. Along with purchasing shares, you’ll need to pay a monthly fee for the “master mortgage,” taxes, utilities, maintenance, repairs, etc.
Find senior co-ops using the Senior Cooperative Foundation’s website. There are more than 125 senior co-ops in the United States.
3.Housing Choice Vouchers
Low-income seniors may qualify for housing choice payment vouchers to help them afford rent. Local Public Housing Agencies (PHA) distribute the vouchers, but you’re required to obtain your own housing. This could be an apartment, condo, single-family home, or townhouse. However, the landlord must agree to rent under the program. The PHA will pay your landlord directly. Then, you’ll pay your landlord the difference. Contact your local PHA to apply.
4.Virtual Retirement Communities
Seniors can save money on housing by choosing to stay in their own homes and becoming a member of a local virtual retirement community. Virtual retirement communities are grassroots, nonprofit organizations that provide older adults with a variety of accessibility services. Think neighbors helping neighbors. For instance, a virtual retirement community might provide transportation, grocery shopping, tree removal, or group outings for members. In other words, you enjoy some benefits of living in a retirement community without having to move into one.
Use the Village to Village Network website to locate virtual retirement communities in your area. You can also do an internet search for “virtual retirement communities near me.”
5.Adult Family Homes or Adult Foster Care
An adult family home is a type of foster care that involves a group setting of up to six seniors who live together in a home environment. Each resident has their own room, but everyone shares common spaces like the kitchen and living room.
6.Find a Roommate
It’s becoming more common for adults aged 50-plus to live with roommates (also called housemates). If you already have a home that you’d like to stay in, adding a housemate or two can help you keep up with mortgage, property taxes, and maintenance costs. Seniors interested in moving in as a roommate save money too compared to living alone. Plus, don’t ignore the social benefits!
How Do I Find Affordable Senior Housing Near Me?
Searching online for “low-income senior housing near me” is a great way to find nearby options. You can also look into nonprofits. Nonprofit housing organizations that provide low-income senior housing include:
· Volunteers of America: This nonprofit housing organization has a network of 500 properties in 42 states and Puerto Rico. Housing options for seniors include low-income senior housing units, assisted living, and skilled nursing care. Search by ZIP code on their website to find housing in your area.
· Good Samaritan Society: This evangelical Lutheran organization provides religious housing for older adults on a tight budget. You could apply for a budget-friendly senior apartment through the Good Samaritan Society branch in your area. The minimum age is as young as 50. You do not have to be a member of a Lutheran church to use these services, but you will have to show proof of your income.
· HumanGood: This nonprofit runs 100 affordable senior housing communities in five states with around 8,880 residents. The minimum age requirement is 55. HumanGood serves seniors in California, Delaware, Oregon, Pennsylvania, and Washington.
· Mercy Housing: A national nonprofit organization, Mercy Housing, offers affordable housing communities to low- and moderate-income populations. This includes seniors! The majority of properties offer resident services and resources, including health and wellness support, community involvement, and financial stability.
How Do I Pay for Senior Housing?
Even if you’re able to find an affordable place to live, you may still fret about how you’ll pay for it. Seniors can get assistance paying for housing and care using a variety of methods, such as:
· Social Security and retirement income
· Selling or renting your home
· Housing vouchers
· Long-term care insurance
· Other private funds
