Reliable And Affordable Housing Options For Seniors

Written by  //  2018/04/12  //  Career Planning  //  Comments Off on Reliable And Affordable Housing Options For Seniors

senior housing

Fixed income is what the majority of senior citizens depend on. The cost of housing rises almost every year, making it difficult for people to afford house rent and other bills. Despite the establishment of retirement programs such as Social Security, seniors still face diverse challenges since such programs are not enough to cater for all housing expenses.

For this reason, it becomes hard for seniors to live in certain housing since their income does not allow them anymore. Nevertheless, several affordable options are available for seniors. Here are some reliable and affordable housing options for seniors.

Live with the children

Despite the fact that it might not be convenient for most people, moving in with one of your children can be a significant option for seniors as far as reducing the cost of living is concerned. Additionally, it is a win-win solution for both the child and the senior as it comes with fringe benefits. However, effective planning and understanding are important in this kind of housing arrangement.

Find another senior to share a house

Living with a family member can be challenging at times and an inconvenience for some people. If you are in such a situation, consider finding a senior friend to rent a space together. Sharing a home with another retiree gives financial benefits, and you do not have to worry about complex dynamics as expected if you move in with a child of yours. Such an arrangement lowers monthly bills, making living quite affordable.

Co-housing community

Most people are not conversant with this housing arrangement. In spite of this, co-housing is a significant housing option to rein in housing costs. It is important to note that different co-housing communities have diverse rates, implying that some may be cheap and others expensive. For this reason, it is advisable to sample available options and settle for the one that has low-cost units.

Consider subsidized housing programs

Some federal housing programs offer subsidized housing options for seniors. This option is ideal and open for senior citizens. In spite of its benefits, it has a few limitations, some of them being the difficulty of navigating the programs attributed as well as the complex application process and eligibility criteria. However, if you get a housing counselor early in advance, they can help you find your way into subsidized housing programs.

Public housing

County or city council public housing agencies operate several high-rises or apartment complexes, which are exclusively for low-income earners. In such an arrangement, you will be required to pay about 30 percent of your income on utilities and rent, making it possible to survive even on low income. Usually, elderly individuals occupy the majority of public housing. Liaise with the local public housing agency to find if there are any vacancies.

Evidently, it is possible for seniors to live well even in their old age by considering affordable housing options. However, it is important to be careful and considerate when looking for an affordable housing option. Usually, your budget plays a significant role that should drive your decisions to subscribe to a given housing option.

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