Four Affordable Housing Options for seniors

Demand for affordable housing for seniors continues to increase every year. According to the Joint Center for Housing Studies at Harvard University, over 35% of seniors aged 80 and above spend 30% plus of their limited retirement income on housing monthly. This illustrates that there is a definite need for affordable housing, especially for seniors. Unfortunately, finding affordable seniors housing can turn out to be a frustrating experience. There are various options that seniors can take up when it comes to searching for affordable housing. In this article, we enlighten seniors on the available affordable housing options for seniors.  Lets rocks and roll!

  1. Join Virtual Retirement Communities

A modern way for seniors to save on housing is becoming a member of a local virtual retirement community. The virtual retirement communities provide seniors with a variety of accessibility services. Indeed, for seniors who want to reduce the cost and age in place, taking up the amenities and support offered by these communities is a viable option. The virtual retirement communities offer seniors access to affordable services which include transportation, health programs, home repairs and other services at a pocket-friendly fee. Through these communities, seniors can surround themselves with support systems and take advantage of home-share programs. With this option, you might be constrained to certain guidelines and so it doesn’t offer the much-needed flexibility.

  1. Sign up for Government Assisted Housing Options

Once you stop working, you definitely need affordable housing, and luckily, there are several HUD programs that are designed to assist seniors. The US Department of Housing and Urban Development has committed to providing affordable housing options for seniors. Through the HUD program, close to a million seniors have benefited. This is through offered public housing, multifamily subsidized housing, and voucher housing programs. However, there are various challenges to expect if you choose this option. For example, there is a waiting list and hence it might take years for you to be a beneficially. In addition, those who need assisted living, there are few options that HUD offers and hence this suits the independent seniors.

  1. Choose to Downsize and Buy an Affordable Apartment

Seniors might choose to downsize for maintenance or cost. To do this, you can sell the existing home and buy into a smaller senior’s apartment near you to lower the burden. For most of the senior’s apartments available, there will be no maintenance cost and they allow seniors to live amongst their peers. Therefore, the seniors can enjoy the surrounding environment as these apartments are designed with the needs of the seniors in mind.

  1. Move in With the Kids

Certainly, not everyone likes living with an adult child or the other way round. However, this can be a win-win situation for you two if you are both comfortable with the idea. A major advantage with this option is that your children will offer you support. In addition, it is a good option for those who need assisted living. Seniors who move in with their adult children are kept busy with their grandchildren as they end up becoming babysitters!

These are some of the options that seniors looking for affordable housing options for seniors can take up.

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