Updated on: September 20, 2024

Your new chapter starts with affordable senior housing – explore options today:

Low-Income Senior Apartments

A good way to save some money for seniors is to move into a low-income senior apartment complex. These facilities are a good option, as they can provide rentals that are more affordable than the going market rate in your area. These apartment complexes will be made up almost entirely of other seniors, as well.

If you have a house you own and can’t afford, you might want to think about selling the property. You can then use the money to either buy a condo in a senior condo complex, or you could opt to rent in a senior apartment facility.

Cooperative Housing for Seniors

Another option to consider for senior living is cooperative housing. This can be a good choice for low-income seniors. These are generally apartment rentals, but the people who live at the facility handle chores to maintain and operate the building. This helps to reduce the administration costs, which then helps to keep the cost of the rentals down.

HUD Senior Housing

Section 8 can offer HUD senior housing. This is low-income housing controlled by the government. Many different types of properties could fall into this category including apartments, condos, townhouses, and single-family properties. It’s important to keep in mind that there is often quite a long waiting list for these properties. However, older adults who can meet certain qualifications might be able to find immediate housing. It is always a good idea to consider checking out HUD when looking for housing as a senior.

Rooming with Others

Here’s an option that can work for some seniors. Those who have large homes that they have trouble maintaining and paying for might want to invite one or more of their senior friends to move in and become a roommate.

For example, if you have two guestrooms in your house, you could bring in two other seniors to stay in those rooms. You can charge them fair rent, so they have a place to live they can afford. The rent will make it possible for you to stay in the home. You can also share other expenses, so it is more affordable for everyone.

Another option would be to find a senior living facility or another complex that has two bedrooms and move in with a friend. This can help both of you to save some money.

Moving in with Relatives

Of course, some seniors may want to talk with family members about potentially moving in with them. This may not be possible for everyone based on a range of circumstances. However, it may be worth considering when you feel as though you might not have any other options available.

Conclusion

Although not all of these solutions will be right for everyone, they are some of the options available for senior living. Everyone will have their own wants, needs, and finances. Take the time to explore the senior living options near you to find something that meets your requirements and your budget.