For most seniors, the cost associated with housing is one of the biggest expenses they have to take care of. The expenses usually include a rental payment or a mortgage with utility expenses, repairs, and maintenance. All these expenses have to be managed within the limited scope of their retirement funds, which is not much for most seniors, especially those belonging to the low-income group. Here are the three affordable senior housing options for those with limited financial capability.
Cooperative housing for seniors
In cooperative housing for seniors, there are apartment rentals. The environment is not more open compared to long-term care facilities and nursing homes. People who have just entered their senior years and want to save some money usually prefer this type of affordable senior housing. Here, seniors pitch in the maintenance of the building they live in. For instance, some seniors are assigned chores and tasks such as handling phone calls at the front desk or cleaning up the community kitchen. This not only cuts down on administration costs but also makes senior living more affordable.
Section 8 HUD housing for seniors
Also known as the Housing Choice Voucher Program, these are government-controlled low-income housing facilities for seniors, low-income individuals and families, and those with a disablity. These are available as single-family homes, condos, apartments, or even townhomes. Through this program, rent vouchers for housing are provided in the private housing market. To be eligible for Section 8 HUD housing, seniors have to apply with a local housing authority. HUD housing usually has a long waiting list; however, seniors who are homeless or do not have safe and sanitary housing are given higher priority and provided with immediate housing.
Virtual retirement communities
Another well-established form of affordable senior housing is by becoming a member of a local virtual retirement community. These are community-based outreach programs that provide seniors with a number of accessibility services. For example, seniors in a virtual retirement community will have access to convenient transportation, grocery shopping, tree removal services, and even group outing for all the members of the community. To be a part of a virtual retirement community, seniors have to pay an annual fee. The fees are used to provide salaries to employees who offer services and assistance to seniors as part of the community.