Aging can make it difficult for seniors to continue living independently. In such situations, it becomes crucial to start looking for senior housing options. These living arrangements provide special care and a safe and comfortable environment for seniors. But the plethora of choices often makes it overwhelming to pick the right fit. So, it is crucial to research well and spend time learning about the various senior housing options nearby.
What is affordable housing?
Affordable housing may mean different things to different people. So, the government specifies affordable housing as the one on which one spends no more than 30% of their income. If one spends any more than that, it turns into a “housing cost burden”.
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Look for senior apartments
Today, seniors can find low-income independent living apartments thanks to the various government programs, social groups, and non-profit organizations that help subsidize the cost of housing. Some of the non-profits that help provide these options include Mercy Housing, HumanGood, Good Samaritan Society, and Volunteers of America. One can get in touch with such organizations to get assistance and explore available options. These apartments also come with features catering to seniors, like elevators and shower bars. However, to be eligible for this kind of housing, one must meet the eligibility criteria—a common one being either over 55 or 62 years of age. Further, these apartments are built with the intent of ensuring seniors living there get to interact with each other to avoid feeling isolated and lonely.
Consider cooperative housing
Another option that is cheaper than moving into a retirement community or living alone is cooperative housing. Here, the builder (a company) owns the land and the houses, and seniors can invest in the shares of this company. As an investor, they also can then lease housing units. One may have access to facilities like community kitchens, laundry facilities, outdoor spaces, and fitness rooms as part of the deal. Seniors can make the most of common areas and build an active and socially enriching lifestyle. Many seniors opt for this type of housing as it is sort of an investment, even though the returns are not too high. The members also have a say in how the building runs, so it gives them a sense of power and belonging. If one wishes to move out of the cooperative housing setup, they can sell the shares and get money along with accrued equity. According to the non-profit Senior Cooperative Foundation’s website, there are more than 125 co-ops in the country one can consider.
Explore government-run housing programs
The Department of Housing and Urban Development offers two programs for low-income seniors looking for independent living options—the Section 8 Housing Choice Vouchers and Section 202 Supportive Housing for the Elderly.
Section 8 Housing Choice Vouchers: Low-income seniors may be eligible for housing choice vouchers that are distributed by the local public housing agencies (PHA). Here, one can choose from the best senior independent living options—an apartment, condo, townhouse, or single-family home, among others. However, the landlord should be willing to rent their space under this program. These vouchers cover a fixed rent amount that is transferred to the landlord directly through the local PHA, and if there is any difference in the actual rent and the subsidy, seniors will have to bear that cost themselves. While there is usually a waiting list for the government-run program, it often offers immediate solutions for homeless seniors.
Section 202 Supportive Housing for the Elderly: The program focuses on the rehabilitation of multifamily properties for very low-income seniors 62 years and older. If there are no properties to rehabilitate, then the program helps provide funds to create suitable homes for these seniors. These housing options are intended for independent living. However, one can find facilities like cooking, cleaning, and transportation. To be eligible for the program, one should be making less than 50% of the Average Median Income that is prevalent in the area. Also, if it is a family of more than one person, then at least one member should be over 62 years old. With the help of this HUD housing program, one will have to pay 30% of their income on the rent, while the rest is covered by the government.
Consider virtual retirement communities
For seniors who already own a home, a virtual retirement community program might help enhance accessibility and make independent living smoother for seniors. One can become a member of this program run by non-profit organizations that helps provide seniors with accessibility services to help with day-to-day tasks. This could include things like tree removal, grocery shopping, visiting a doctor, and transportation needs. The average price for these services is $450 a year; however, if one is living in a smaller area or a village, then the fees can go as low as $125. This is one of the most affordable assisted living services in the country. By choosing this service, one can get the benefits of a retirement community without actually moving into one.
