4 Affordable Housing Options for Senior Citizens
In the next 25 years, one in every five American will be over age 65, yet our country faces a shortage of housing programs to meet the housing needs of senior citizens. The need for a comfortable, safe, and affordable grows stronger as an individual age. Senior citizens face several financial difficulties because of their limited income after retirement and ever-growing medical expenses. In such circumstances, many people turn toward affordable housing programs initiated by the government.
There are several affordable housing options available to senior citizens. Some of these comprise of several separate units while others may require group living. The choice depends on an individual’s preferences and their affordability. We are listing the 4 most common low-income affordable housing options available for the senior citizens here.
Subsidized Apartments for Senior Citizens
These are rental units or apartments present in mid-rise or high-rise buildings. The rental units are especially designed by the government for people over 62 years of age and for those who face some kind of a disability. In addition to age limits, there are certain income-based eligibility requirements as well that must be fulfilled by the applicant.
Some subsidized rental units are very well-maintained and provide support and recreational services such as daily meals, transport, and housekeeping facilities. This website provides valuable information about affordable housing units in various counties of New Jersey.
Shared living is a viable option for individuals looking for an affordable housing unit. In shared living, two or more unrelated people rent or own home together and share certain areas of the house such as kitchen, living room, and bathroom. However, every individual has a separate sleeping space.
Several non-profit organizations also finance home sharing for senior citizens who otherwise are unable to finance a home for themselves.
HUD Housing Choice Vouchers
This program is operated by the US Department of Housing and Urban Development (HUD) and offers rental units are subsidized rates to senior citizens, people with some kind of a disability, and low-income families. Also commonly referred to as Section 8 Housing, the program provides financial assistance to families and individuals who face a huge burden of medical expenses and earn 50 percent or less than the median income of their state.
USDA Affordable Rural Housing
As the name implies, this program provides subsidies to more than 15,000 apartment complexes all located in rural areas of the country. The programs offers financial assistant to the elderly and low-income families. The subsidized rental units range in size from a studio apartment to 4-bedroom apartments. Just like Section 8 Housing Program, the income limits depends on the applicant’s geographical location and should be fulfilled in order to be considered eligible for financial assistance.
If you are looking for an affordable rental unit in your area, search our online directory. You may also read our resources articles to get more information on affordable housing.