Finding suitable housing can be challenging if you are a senior who meets the government's low-income threshold. This is especially true in major cities and urban areas with high living costs and real estate values.
To be successful in your search for low-income senior housing, here are some tips to follow.
Tip: Know Exactly What You Qualify for Before Searching
To be considered low-income, HUD and other housing agencies for seniors will calculate your total income. To compute your total income, all income sources will be included, such as:
Social Security payments
Disability payments
IRA and other retirement account balances
Real estate values
Pensions
Veteran's benefits
In addition, if you do any paid part-time work, that income will also be included.
Because you will be looking at qualification charts and talking to leasing agents, you must do the math to know exactly how much income you have. This helps you limit potential apartments to those within your budget and will save you time and frustration.
Tip: Determine if You Need Assisted Living or Can Live Independently
Before shopping for a new place to call home, you first need to consider whether you need assisted living or can still live independently.
Finding a low-income apartment for seniors is fairly straightforward if you can live independently. However, if you need assisted living, finding this type of housing for low-income people is much more challenging and involved.
Tip: Consider Relocating to a Less Expensive Area
The reality is there are never enough low-income senior housing options in large metropolitan areas. You will likely find long waiting lists, and the prices will be much higher than in a more rural area.
If you've considered moving nearer to your grandchildren in one of the fly-over states with a lower cost of living, this is a fantastic time to do so. You will have a lot easier time finding housing you can afford. And, as an added bonus, you will be nearer to family as you age.
Tip: Put Your Name on Any Waiting List You Qualify For
Finally, the one senior apartment complex or assisted living complex where you want to move may not have an apartment you will be able to move into any time in the near future. Just as you like it, so too will the others living there.
Add your name as you shop and find senior apartments you can afford and like but have waiting lists. There is no rule that says you can't be on multiple lists and give yourself some options. For more information on low-income housing for seniors, contact a company near you.
Share13 December 2022
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
