As people age, living independently can become increasingly challenging. In such cases, seeking out appropriate senior housing becomes essential. These housing options are designed to provide necessary care in a safe and comfortable setting for seniors. However, with so many options available, the decision-making process can feel overwhelming. Proper research and understanding of the available senior housing options in your area is key to making the best choice.
Understanding Affordable Housing
Affordable housing means different things to different people, but the government defines it as housing that costs no more than 30% of one's income. If housing costs exceed this threshold, it becomes a "housing cost burden," which could lead to financial strain.
Helpful Tips for Finding Housing
1. Look for Senior Apartments
Today, there are several government programs, social organizations, and non-profits that help provide low-income senior apartments. Groups like Mercy Housing, HumanGood, Good Samaritan Society, and Volunteers of America offer financial assistance for qualifying seniors. These apartments often feature senior-friendly amenities like elevators and shower bars. Eligibility is typically based on age, with common requirements being 55 or 62 years old. These housing options are designed to foster social interaction among residents to combat isolation and loneliness.
2. Consider Cooperative Housing
Cooperative housing is a more affordable alternative to independent living in a retirement community or living alone. In this setup, the land and buildings are owned by a company, and seniors can purchase shares in this company. As shareholders, they can lease housing units and enjoy amenities such as community kitchens, laundry facilities, and fitness rooms. Cooperative housing encourages a sense of community and belonging, as residents also have a say in how the building is managed. If a senior wishes to leave, they can sell their shares and potentially gain some financial returns. There are over 125 senior cooperative housing options across the country, as per the Senior Cooperative Foundation.
3. Explore Government Housing Programs
The Department of Housing and Urban Development (HUD) offers several programs aimed at providing affordable housing for low-income seniors:
Section 8 Housing Choice Vouchers: Seniors may qualify for vouchers that allow them to select from various senior living options, such as apartments, condos, or single-family homes. The voucher covers part of the rent, but seniors must pay the difference if the rent exceeds the subsidy. Although there can be a waiting list, this program often provides quick solutions for seniors in need of housing.
Section 202 Supportive Housing for the Elderly: This program focuses on rehabilitating properties for very low-income seniors aged 62 and older. If no suitable properties exist, funds are provided to create new housing options. These homes are intended for independent living but may offer additional services like cooking and cleaning assistance. Seniors must earn less than 50% of the area's average median income to qualify, and in family situations, at least one member must be over 62.
4. Consider Virtual Retirement Communities
For seniors who already own their homes, a virtual retirement community might offer the support needed to age in place. These programs, run by non-profits, help seniors access services such as grocery shopping, doctor visits, transportation, and home maintenance. The average cost of such services is around $450 per year, though it can be lower in rural areas, sometimes as low as $125. This option allows seniors to enjoy the benefits of community support without having to move into a retirement facility.