As we age, maintaining independence can become increasingly difficult, making it essential for seniors to explore suitable housing options. These living arrangements are designed to provide both care and a safe, comfortable environment. However, with so many choices available, finding the right fit can feel overwhelming. Therefore, it’s important to conduct thorough research and familiarize yourself with the senior housing options in your area.
What is Affordable Housing?
Affordable housing can vary in meaning depending on individual circumstances. The government defines affordable housing as housing where no more than 30% of a person's income is spent on rent.
If you spend more than that, it may be considered a “housing cost burden.”
Tips for Finding the Best Senior Housing Options
Look for Senior Apartments
Low-income independent living apartments are available through various government programs, social organizations, and non-profits that subsidize the cost of housing for seniors. Non-profit organizations like Mercy Housing, HumanGood, Good Samaritan Society, and Volunteers of America can assist with finding these affordable apartments. These apartments often include senior-friendly features like elevators and shower bars. Eligibility usually requires being over the age of 55 or 62. These communities are designed to encourage interaction among residents, helping seniors avoid isolation and fostering a sense of community.
Consider Cooperative Housing
Cooperative housing offers a more affordable alternative to living alone or moving into a retirement community. In this setup, a company owns the land and houses, and seniors can buy shares in the company. As shareholders, they can lease housing units and gain access to community amenities such as kitchens, laundry facilities, outdoor areas, and fitness rooms. Cooperative housing promotes an active, socially rich lifestyle, and members have a say in the management of the community. When it’s time to move, shares can be sold, and the resident receives the money along with any accumulated equity. According to the Senior Cooperative Foundation, there are more than 125 co-ops nationwide to consider.
Explore Government-Run Housing Programs
The Department of Housing and Urban Development (HUD) offers programs for low-income seniors looking for independent living options:
Section 8 Housing Choice Vouchers: These vouchers help low-income seniors find independent housing options, such as apartments or single-family homes. Seniors must find landlords who are willing to accept the vouchers, which cover a fixed rent amount. Any difference between the actual rent and the subsidy is the responsibility of the tenant. Although there may be waiting lists, this program offers immediate solutions for seniors facing homelessness.
Section 202 Supportive Housing for the Elderly: This program helps rehabilitate multifamily properties for low-income seniors 62 and older or funds the creation of new properties when rehabilitation isn’t possible. Seniors must earn less than 50% of the area's average median income to qualify. Rent is set at 30% of the senior's income, with the remainder covered by the government. Some properties also provide additional services like transportation, cooking, and cleaning.
Consider Virtual Retirement Communities
For seniors who own their homes, a virtual retirement community can enhance accessibility and make independent living easier. This program, typically run by non-profit organizations, provides seniors with services that help with everyday tasks, such as grocery shopping, doctor visits, tree removal, and transportation. The average cost for these services is around $450 per year, but fees can drop to as low as $125 in smaller communities. This service allows seniors to benefit from retirement community-like services without having to move into one.
By researching the available senior housing options and considering factors like affordability, location, and amenities, seniors can find the best living arrangement to suit their needs. Exploring government programs, cooperative housing, and virtual retirement communities can provide affordable and supportive options for aging adults looking to maintain independence while enjoying a comfortable lifestyle.