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Its hard to rebound from financial shocks in retirement.
Economic volatility andsoaring inflationonly add to the stress.
If youre an older American struggling to afford housing, its important to understand your options.
Worried youcan’t pay rentnext month? Find out what to say to your landlord in order to negotiate a fair agreement.
There are federal, state and local programs that help seniors with low incomes pay for housing.
You might qualify for rental assistance or subsidized housing at a senior apartment complex.
Knowing where to start is often the hardest part.
No Interest Til Almost 2027?
Thankfully, there are apartments and other housing specifically designated for seniors on fixed incomes.
Heres how to get started.
Contacting your local public housing authority should be your first step in finding affordable senior housing.
Did you know?
Only your local agency can tell you whether you qualify for this assistance.
This can include assistance with your utility bills, transportation vouchers or meal delivery programs.
Talk to a HUD-Approved Housing Counselor
Not sure if public housing is right for you?
A HUD-approved housing counselor can help you explore all your options.
These counselors can help you with:
Counseling from these agencies is free for foreclosure-prevention counseling and homeless counseling.
For general questions about HUD or its programs, youll want to contact your local HUD office.
Find your local HUD officehere.
you might also read reviews of senior apartments near you on Google and websites likeSeniorAdvisor.com.
Its up to you to determine if these low-income housing options meet your needs.
Contact each property individually to see if youre eligible for reduced rent.
How Do You Qualify for Affordable Senior Housing?
However, each housing program can set different eligibility requirements based on an applicants age and income.
Be prepared to provide lots of personal information and documents when applying for affordable senior housing.
Its best to apply as early as possible if you need affordable housing.
You arent limited to units located in subsidized housing projects.
Instead, youre responsible for finding a suitable housing unit that meets minimum standards of health and safety.
This can include single-family homes, townhouses, apartments or even your current residence.
Vouchers can also be used to buy homes in some cases.
Youll pay the difference between the actual rent and the amount subsidized by the program.
Public Housing
Public housing comes in all shapes and sizes.
High-rise apartment buildings are the most common public housing option for older adults.
The elderly and disabled are typically given higher priority for public housing.
Many LIHTC properties are operated as 55+ or 62+ communities, or senior apartments.
Residents must generally have limited or fixed incomes of around 60% of the areas median income.
you might usethis databaseto see a list of LIHTC properties in your area.
Or contact a HUD-approved housing counseling agency to explore your options.
Section 202 Supportive Housing for the Elderly
TheSection 202program subsidizes independent living-punch in apartments for older Americans.
You have options, too.
If youre on a fixed income, finding extra money can be nearly impossible.
But dont give up yet!
Tryto negotiate rentwith your landlord first.
Your strongest bargaining chip is showing your landlord similar units in your area with lower rents.
you might also try offering something in exchange for a lower rent price.
Negotiating is never a guarantee.
But it doesnt hurt to ask either especially if the alternative is moving out.
There are hundreds of local programs nationwide that assist seniors with everything from utility bills to home repairs.
Eldercare Locatoris a federal website that helps connect older Americans with trustworthy local support resources.
you’re free to also call Eldercare Locator toll-free at 800-677-1116.
By entering your city or zip code, you might find help with meals, transportation and home care.
Get a Roommate
You may dread the idea of living with a roommate.
This isnothow I envisioned my retirement.
Finding a roommateto split the bills with is a smart way to save money.
Nationwide online housemate search sites likeSeniorHomeshareandSilverNestare specifically geared for older adults looking to coexist.
Both sites let you list your home to find potential roommates or find homeowners in search for a roomie.
There may also be local, offline homeshare matching programs for older adults in your community.
Call 211 or contact your localArea Agency on Agingto inquire about this key in of service.
Your home must be paid off or your mortgage balance low to qualify.
Unlike a regular mortgage, you dont need to make monthly loan payments.
Instead, your lender pays you, and your debt increases over time.
The loan is settled or repaid when you sell the home, move out or die.
Reverse mortgages are often controversial and for good reason.
Explore Accessory Dwelling Units
There are lots ofalternative housing optionsout there.
Accessory dwelling units are one of them.
These separate living spaces can be an affordable housing solution for seniors.
They exist in many communities already.
An ADU can be converted from an existing structure like a garage or built from scratch.
Senior advocacy groups like AARP are big supporters of accessory dwelling units as a housing solution for older Americans.
But at $75,000 or more, creating a brand new ADU isnt exactly affordable for most people.
Organizations like Habitat for Humanity may be able to assist with construction for qualifying low-income seniors.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
She focuses on retirement, Medicare, investing and taxes.
It sounds appealing right?
Check it out here!
