The US is one of the most expensive places to live. The average person spends around 65% of their income on housing and transportation. But if you are a senior citizen looking for affordable housing, It can be even more difficult, but it doesn’t have to be!
Read below for tips on how to save money on seniors housing costs.
1. Look for Affordable Housing Options
There are a number of affordable housing options available for seniors, including government-funded programs and private community developments.
2. Consider Downsizing
Not only will you save on rent or mortgage payments, but you’ll also have less to maintain and fewer belongings to worry about.
3. Get Creative with Living Arrangements
If you don’t want to move out of your current home, consider creating a multi-generational living arrangement with your children or grandchildren.
This can be a terrific way to save money on things like groceries, utilities, and repairs.
Alternatively, you could investigate shared living arrangements, where you live with one or more other seniors in a communal setting.
4. Manage Your Finances Wisely
One of the best ways to save money on seniors housing costs is to be smart about your finances.
Review your budget and see where you can cut back on expenses.
Perhaps you can reduce your cable bill, cancel unused subscriptions, or take on a part-time job in retirement.
Here are Some State Specific Programs to Consider
- Florida’s Elderly Mortgage Assistance Program (EMAP) offers eligible seniors a deferred payment loan for their mortgage.
- Oregon’s Property Tax Deferral Program helps senior citizens and disabled homeowners defer property taxes on their homes.
- The California Elderly Rent Assistance Program (CERA) provides monthly rental assistance to low-income seniors aged 62 or older.
- Ohio’s Senior Financial Empowerment Pilot Program (SFE-P) is a free program that provides financial education and counseling services to seniors.
Each of these programs has different eligibility requirements, so be sure to check with your state government to see if you qualify.
Here is a Quick FAQ on Senior Housing you Should Consider:
Question: How much does it typically cost to live in senior housing?
Answer: This varies depending on the type of senior housing, but most options are relatively affordable.
Government-funded programs like HUD’s Section 202 offer reduced rent rates, while private developments may have monthly fees that range from $200 to $1,000+.
It’s important to consult with the individual development to get an accurate estimate.
Question: What types of seniors housing are available?
Answer: There are a number of different types of senior housing, including independent living communities, assisted living facilities, and nursing homes.
Each development will have their own unique set of amenities and services, so be sure to research your options carefully.
Question: Are there any government-funded programs available?
Answer: Yes, there are a number of government-funded programs available that offer reduced rent rates or monthly assistance.
Check with your state or local government to see what is available in your area.
Question: I’m not sure if I can afford senior housing. What should I do?
Answer: If you’re not sure whether or not you can afford senior housing, consult with the individual development for more information on pricing and financial assistance.
The development’s staff will be able to tell you about the cost of living in their community and whether or not you qualify for any financial assistance.
There are many states specific programs that may offer assistance with rent and other areas related to elderly life. In Florida for example there is the Elderly Mortgage Assistance Program (EMAP) which offers deferred payment loans for mortgages to those who qualify.
The Oregon Property Tax Deferral Program helps senior citizens and disabled homeowners defer their property taxes on their homes. This program is unique in that the Oregon state government will actually loan seniors the money to pay their property taxes, and the loan is interest free as long as it’s repaid when the home is sold, or the owner dies.
In California, there is a similar program called the Elderly Rent Assistance Program (CERA) which provides monthly rental assistance to low-income seniors aged 62 or older. The eligibility requirements are slightly different than Oregon’s – for example, in California you must make less than 50% of the median income in your area to qualify – but the benefits are essentially the same.
Each of these programs has different eligibility requirements, so be sure to check with your state government to see if you qualify.
There are also a number of private developments that offer reduced rent rates for seniors. HUD’s Section 202 program is one such example. This program offers reduced rent rates for low-income seniors aged 62 or older. The catch is that there are often long waiting lists for these developments, so you may need to apply early.
Another option is to look into co-housing developments. These are communities where residents share common areas like a kitchen or garden, and typically have lower monthly fees than traditional senior housing.
Conclusion on Senior Housing
Seniors are often on a fixed income, making it difficult to afford housing costs. However, there are a number of ways that seniors can save money on their housing costs. Some methods include looking for affordable housing options, downsizing, getting creative with living arrangements, and managing finances wisely.
By using these tips, you can make your retirement more affordable and comfortable. Enjoy!