Affordable Senior Housing Options

As the aging population in the U.S. continues to grow, so does the demand for affordable senior living options. Many older adults struggle to afford both housing and care.

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.

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.

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.

HUD Housing Programs

The Department of Housing and Urban Development (HUD) offers two low-income housing programs that benefit seniors.

Section 8 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.

Section 202 Supportive Housing for the Elderly

HUD helps fund the creation or rehabilitation of multifamily properties for very low-income adults ages 62 years and older. Section 202 consists of affordable housing options for eligible “very low-income seniors.” Although designed for independent living, many offer support services like cleaning, transportation, and cooking.