How to Find Affordable Housing for Seniors
Finding affordable housing as a senior can be challenging. Whether you're exploring residential care options or retirement communities, various programs and resources can help older adults find housing options that are more affordable and suitable to their needs.
This guide covers the costs of various senior living options, assistance programs, and payment options to help you find the right living arrangement for your lifestyle and budget.
What is affordable housing for seniors?
Affordable housing for seniors refers to housing that’s accessible and within financial reach for retired adults.
What’s “affordable” can vary depending on individual circumstances. However, experts generally recommend that no more than 28% of a person’s gross monthly income should be spent on housing costs, whether for rent or a mortgage.
If you’re retired and Social Security is your only source of income, you may qualify for additional help and support (more on this below).
How much do senior living facilities cost?
The cost of senior living varies greatly depending on the type of housing, location, and the level of care required. A few popular options for older adults in the US include:
Independent living ($1,282- $6,612 monthly): Independent living facilities offer maintenance-free living, social activities, and often meals. They are ideal for adults who are physically and mentally able to manage daily activities on their own. The average monthly price is $3,065.
Assisted living ($3,914- $9,620 monthly): Assisted living is ideal for adults who are largely independent but need supportive services, such as help with cleaning or medication management. The monthly rate here is typically around $5,511.
Nursing homes ($5,483 - $17,074 monthly): A nursing home is best for those who need continuous medical care or help with daily living activities, such as getting around, eating, bathing, or dressing. The average monthly cost is around $8,929 for a semi-private room or $10,025 for a private room.
Ways to pay for senior housing
Paying for senior housing can be a significant concern for many retirees. Some available resources include:
Social Security Income (SSI): Social Security benefits are often the primary source of income for retired adults. Low-income seniors may qualify for additional assistance through Supplemental Security Income or other government programs.
Veteran benefits: Eligible veterans may receive benefits through the VA, including financial assistance for housing and long-term care.
Personal savings/family support: Some adults can rely on their savings to cover the costs of living facilities. Others receive support from their family members. Either way, it’s essential to plan ahead and consider your options early on.
Renting out your current home: Homeowners who are moving into an independent living, assisted living, or nursing home facilities can rent out a home they own for supplemental income that can help cover costs.
Will Medicare or Medicaid cover senior housing?
Generally, no. Medicare can’t be used to pay for housing costs or room and board in a long-term care facility. Though in certain circumstances, Medicare may pay for short-term nursing home or skilled nursing care after a stay in the hospital.
In some states, Medicaid may help to cover the costs of assisted living facilities, but it isn’t designed to cover room and board. Eligibility and the extent of coverage can differ significantly from one state to another.
What programs are available to help seniors find affordable housing?
There are various programs designed to help you find affordable senior housing. Below are a few of the most notable programs available.
The US Department of Housing and Urban Development (HUD)
HUD provides many subsidized housing programs to help older adults who have lower incomes and financial resources.
The Section 8 Housing Choice Voucher Program helps low-income households pay their rent in condos, townhomes, single-family homes, etc. via vouchers. Vouchers are typically administered through local housing authorities, and these programs may have long waiting lists.
The Section 202 Supportive Housing for the Elderly Program provides funding for constructing senior homes, specifically independent living and accessible apartments.
The Supportive Housing for the Elderly Program offers services to older adults who need support to remain independent.
Low-income Housing Tax Credit (LIHTC)
The LIHTC provides affordable housing to many US residents. There are properties specifically for older adults that have income and age restrictions for tenants.
Medicaid Waiver Program
In some states, Medicaid offers waivers to cover housing-related expenses for retirees with limited incomes.
Nonprofit housing organizations
Organizations like Volunteers of America, Good Samaritan Society, HumanGood, and Mercy Housing provide affordable housing to retired adults with limited incomes.
How to find low-income housing in your area
Once you begin researching, you may be surprised by how many affordable housing options are available. To start, you can:
Visit the HUD website: Navigate to the senior section and search for properties that meet your needs.
Contact local housing authorities: Reach out to local housing authorities to inquire about low-income senior apartments and complexes built specifically for older adults.
Browse housing search tools: Sites like Zillow, Apartment Finder, or SeniorHousingNet can help you find available properties in your desired area.
Ask around: Reach out to local senior centers, community organizations, or social service agencies for recommendations.
Other housing options for seniors with limited budgets
You can also explore these alternative housing arrangements to find something within your budget.
Homesharing
It’s not uncommon for older adults to live with housemates. Whether offering rooms in your home or moving in with someone else, sharing the cost of the mortgage/rent with others can lead to significant savings. In addition to saving money, living with others also provides regular social connection.
Several organizations specialize in matching compatible housemates of similar ages, including:
ALA (for those living in Los Angeles)
New York Foundation for Senior Citizens (for those living in New York)
Living with family
Moving in with family members can be both cost-effective and emotionally rewarding. Whether you live with your children, grandchildren, or other relatives, you'll have support nearby while potentially helping with family activities like childcare.
Adult family homes and adult foster care
Adult family homes offer a balance between independent living and personal assistance. These licensed residential homes generally house up to six senior citizens. Each person has a private room and shares common areas, like the kitchen and living room.
This option works well if you need some daily assistance but don't require specialized medical care. While costs are typically higher than with subsidized apartments, they're lower than you see with assisted living facilities.
Make sure to consider accessibility
Many of these options can be suitable for older adults with disabilities. However, it is important to look for specific amenities and accessibility features when renting. Consider things like wheelchair ramps, wide doorways, and grab bars in bathrooms.
Seniors with disabilities may also benefit from independent or assisted living facilities, depending on their needs.
Taking the next step
Finding the right affordable housing for your needs can take plenty of time and research. To discover the best options for you, start by:
Determining your monthly housing budget
Making a list of must-have features or services
Contacting your local Housing Authority about available programs
Reaching out to nonprofit organizations in your area
Bottom line
For assistance exploring housing options, consider speaking with your local Area Agency on Aging. Its representatives can offer guidance throughout the application process and help you find the right housing solution for your situation.