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How to Get the Right Senior Living Apartments Based on Income

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It’s hard finding the perfect apartment. The task is more challenging when you’re a senior citizen with a fixed income.

One Harvard study revealed housing is the biggest expense senior citizens deal with. Some still have an active mortgage or are paying for an apartment. The research also showed that many are using anywhere from 30% to 50% of their monthly pension on housing. This is problematic since they’re living on a limited income.

There are sensible options when it comes to senior housing. There are programs offering senior living apartments based on income. This article will help you find the best one for you.

Housing Options Available to Senior Citizens

Many seniors have to change their living situation as they get older. Some do it because they want to be near their peers. Others have health issues to consider. There are several housing options available to older adults. Here are the most common ones:

  • Aging in Place: The seniors will live in their own home or with family. It’s ideal for those who want to remain independent and can get the help they need.
  • Independent Living: It’s a housing facility designed for seniors. This includes senior living apartments, retirement homes, and senior care communities. It’s a good option for active adults who prefer a community environment.
  • Residential Care: This facility offers personal services to a select group of people. It’s an option for people who need more care in a home setting.
  • Assisted Living: This can be a facility or a community. It offers small apartments with a wide range of services for seniors. Residents are older, independent adults who need some help in their daily life. Services include housekeeping and medication management. Staff can also help with bathing or dressing the resident.
  • Skilled Nursing Facility: This is a good option for seniors who need 24-hour care. Patients are older adults with debilitating mental or physical illnesses. A licensed physician is in charge of the resident’s care. The facility also has medical personnel on the premises at all times.

Why Choose Senior Living Apartments

A senior apartment is perfect for seniors who want a low-maintenance home. It can be a stand-alone housing unit in a community or a building. These apartments have the needs of an aging resident in mind with regard to design. For instance, a senior apartment building might have no stairs or only have a few floors. They are accessible to wheelchairs and walkers. There are handrails in the bathroom. Senior living communities have parks instead of playgrounds. Residents can enjoy their time in peace and quiet.

Residents in senior apartments are a diverse bunch. Some are lifelong renters. There are previous homeowners looking for a place that requires minimal maintenance. They can be divorcees, widows, or widowers. They are people who want to travel without worrying about the state of their home. Some want to be near people their own age while others are looking for a home they can afford.

Types of Senior Care Apartments

Senior living construction firms often build three distinct types of apartments for retirees. There are affordable, market rate, and luxury apartments. Some retirement communities might have them or only offer a specific type.

  • Affordable Apartments: These apartments cost about 30% or less of the resident’s income. The rent is offset by a combination of federal and local regulations. Residents qualified for this type of housing receive vouchers. These allow them to rent such an apartment.
  • Market Rate Units: These apartments have competitive rates. They’re often 15% lower than regular rent prices. These facilities also offer amenities like community dining and housekeeping.
  • Luxury Senior Apartments: They’re the second home of most residents in the community. They’re located in cities near cultural or commercial spots. These units are larger and the community offers many high-end amenities.

How to Get a Senior Living Apartment

The cost of a senior apartment will depend on whether you’re renting or buying. Factors like size, location, and amenities will also have an impact. There are several ways to secure this type of apartment based on your income.

Buying a unit

You can’t buy a senior apartment outright since most are in family facilities. Continuing care retirement communities (CCRC) do allow residents many senior living options. You’ll have the choice of staying at a condominium unit, a house, or an assisted living facility. You can also transition to a nursing home or hospice care.

Renting a Senior Apartment

Most of these apartments have a manager overseeing the rent. They’re often based on income. These units are affordable for seniors with a fixed or low income. But you must meet their income requirements. You also have several options to qualify for an affordable senior apartment:

  • Housing Choice Voucher Program: The program helps seniors with disabilities secure an apartment. A qualified senior will only pay 30% of their monthly income for rent. The voucher program covers the rest.
  • Section 2020 Supportive Housing: Seniors of advanced age or with low income are its focus. The government will subsidize their rent.

No Need to Look Further

Whether you’re looking for another investment or a new home, Apricus Senior Living can help. We are one of Florida’s top consulting companies. Our goal is to provide top-tier consulting services in the senior industry. We can help you build and manage your senior community. We also offer franchise opportunities in this robust niche. You can get in touch with us at 386-256-2015 or at madisongreystreet@icloud.com.