Low-Income And Affordable Housing Options For Seniors

Currently, there are several affordable housing options for older adults who are facing financial insecurity. These options include aging in place—such as staying in your home or sharing a home or apartment with loved ones—or moving into a subsidized senior living facility and/or assisted living facilities.

Staying in Your Home

This option is ideal if you do not need comprehensive care for your daily living—or just need some caregiving assistance. In addition, it may be most affordable to stay in your current home if your mortgage is paid off or if your rent is low. If you’re interested in aging in place but are struggling to pay your mortgage, you might consider a reverse mortgage, says Gottlieb.

“If you have enough equity in your home, you can take some of that equity out to live in your home at no cost, other than paying expenses like your local taxes and any homeowner’s association (HOA) fees,” says Gottlieb.

Selling your home to a company like Rentback.com or Sell2rent.com and renting it back from them is another option, and may offer you more equity in your home than a reverse mortgage, says Gottlieb. Home maintenance is often included in this option as well.

Living with Family

“The most affordable arrangement for seniors is living in a supportive family environment,” says Lakiesha K. Oliver, clinical program manager at Solutions of Change, a nonprofit organization in Las Vegas. Sharing a home with your children or other relatives is generally either free or low-cost, and it offers the advantage of having family members available to help when you need assistance.

Public and Subsidized Senior Housing

The United States Department of Housing and Urban Development (HUD) offers affordable public housing apartments and single-family homes for older adults in need. Typically, these senior housing options come equipped with accessibility features such as ramps and bathroom handrails, transportation services, cleaning services and resident activities.

Subsidized rents are usually based on 30% of your income, says Gottlieb, meaning if you earn $1,000 a month, you would pay $300 for housing.

However, availability of subsidized housing can be an issue. “They’re few and far between, and normally they are beyond or at capacity, with wait lists that may be months or years,” adds Gottlieb. For more information about HUD subsidized housing in your area, speak to a HUD housing counselor who specializes in your location.

Assisted Living and Residential Care Options

Living in an assisted living facility or residential care facility is an option if you need help with home maintenance or activities of daily living (ADLs), such as bathing, getting dressed and using the toilet.

Assisted living facilities offer meals, activities and help with ADLs and medication management, if necessary. The average cost of an assisted living facility is about $4,000 a month, or $48,000 a year, according to the American Health Care Association (AHCA) and National Center for Assisted Living (NCAL), though the price depends on the state in which you live^[3]Facts & Figures. American Health Care Association. Accessed 12/2/2023. .

Residential care facilities typically have 20 or fewer residents and offer 24-hour care, meals and assistance with ADLs. These are also among the most expensive care options, costing an average of $4,908 a month for a shared room^[4]Cost of Care Survey . Genworth. Accessed 11/10/2022. .

The U.S. government offers a few assistance programs to make housing more affordable for older adults.

Housing Choice Vouchers: Low-income seniors can qualify for HUD’s Section 8 Housing Choice Voucher Program, which provides payment vouchers to help people afford their rent. Applications for the program can be submitted through your local Public Housing Agency.

Section 202: HUD’s Section 202 Supportive Housing for the Elderly program offers rental assistance for older adults. These units are for independent living, but often offer added services such as cooking, cleaning and transportation.

To locate other HUD assistance programs in your area, visit the HUD online resource.

If you choose to stay in your home, a few government programs can help to make your cost of living more affordable. These options include:

• Section 504 Home Repair Program which pays for repairs or upgrades to your home so you can age in place safely.
• Low Income Home Energy Assistance Program (LIHEAP) helps you cover the cost of energy-related repairs and heating and cooling your home.
• Medicaid waivers pay for home health aides, housekeepers and other personal assistance programs.

Several nonprofit organizations are available to ease the cost of housing on older adults, including:

• Good Samaritan Society, which offers financial assistance and rent-controlled apartments in its independent living, assisted living and memory care communities around the country.
• HumanGood is a nonprofit working to provide safe and comfortable housing to people of all income levels. It offers affordable senior housing options for older adults who qualify.
• Mercy Housing offers affordable housing for adults over 65, as well as for people with disabilities and those who were formerly homeless.
• Volunteers of America owns and manages low-income housing communities for older adults, military veterans and people with disabilities.

Assistance is also available for people who, in addition to being low-income, meet certain qualifications:

• Section 8 Supportive Housing offers rental assistance to help people with disabilities live independently.
• The U.S. Department of Veterans Affairs (VA) covers the cost of many services at assisted living and other residential facilities, although that doesn’t generally include room and board. HUD’s Supportive Housing Program helps homeless veterans find and keep housing and get the supportive services they need to thrive.
• USDA offers a searchable map of affordable multi-family housing rentals across the country for older adults who may be in search of new living arrangements in rural or remote areas.
• The National Resource Center on Native American Aging’s searchable directory of government-assisted housing, assisted living facilities, home health services and other helpful programs offers a nationwide resource for older adults around the country.

If you’re in need of affordable housing, Gottlieb recommends beginning your search as early as possible. Plan ahead of time ,as many communities have long wait lists. The earlier you find a place you like, the better your chance of securing a place in the residence, he says. He also recommends finding a certified senior advisor to help you narrow your options and fill out applications.

Affordable housing is very limited, so you may have to keep an open mind when it comes to location. “The right affordable housing may not be in the city where you reside,” says Oliver. “Don’t be afraid to look for options in other areas.”

Additionally, take time to carefully evaluate any affordable housing options you’re considering, says Gottlieb. “Go to each individual community, and see what it looks like,” he advises. “See who’s living there and if you’d feel comfortable.”

When considering which living option might be best for you, Gottlieb suggests asking the following questions:

• Is the residence close to places you often go, like your bank and hairdresser?
• Is it safe?
• Does the facility look clean and well-maintained?
• Are there any issues with cleanliness, such as bedbugs?
• Have there been any complaints about elder abuse on your state Department of Health’s website?

It’s also important to protect your money and information when applying for affordable housing, says Gottlieb. You shouldn’t have to pay any application fees or upfront deposits for subsidized housing, he adds, and you shouldn’t give your social security number or other personal data to anyone or facility you don’t know.