What You Need to Know About Affordable Senior Apartments

What You Need to Know About Affordable Senior Apartments

Your affordable senior apartment search does not have to be a difficult one. There’s a challenge to finding the senior apartment that meets all of your criteria such as being priced just right, has all the basic apartment home amenities as well as having the potential for senior care accessibility and lifestyle. Once you understand what your needs are, you can begin the search for your senior apartment with all things considered, making the search less daunting.

When it comes to senior living apartments, there are options. Affordable apartments for seniors are available because of subsidy options provided to assist seniors and the elderly on lower incomes. If you or a loved one is on limited income (even with a pension and financial assistance from loved ones), it is a viable option to seek out housing subsidy as you begin your search for affordable senior homes.

Options of Senior Living Apartments

There are three main options for senior living apartments and homes. The government and community offer these options to elderly people and senior citizens in order to assist in their living situations. More and more, seniors are living independently and comfortably with these options.

Rent assistance. Through programs like HUD (Housing and Urban Development) there is an option designed for seniors to help with rent payments. It is the Section 202 voucher and was created to subsidize rent so that it is easier for a senior to live comfortably right where they are. Check with your landlord and city to see if you qualify for this program. This is a popular option for active retirement living and independent seniors. (1)

Assisted Living. It is not uncommon for senior citizens to have health concerns and assisted living senior apartments is another option for those who seek independence but need medical attention on a consistent basis. Assisted living senior apartments were once the only option but things have changed. There are now levels of assisted care in senior apartment communities. Senior citizens seeking affordable apartments with medical care round the clock, check-ins, qualifications of the medical provider, and the availability of staff are all things to consider when finding the right senior apartment. While not all seniors will require medical attention if they choose to live in assisted living homes, it can be useful to have the amenities there if needed. This is not luxury senior living but popular for those in need of some assistance. (2)

Senior independent living. This is the option that seniors who seek new apartments choose. This is an apartment complex or housing community that is age-restricted. This is an ideal option for seniors who are very independent, fully functioning, and live without personal care givers or dependents. Seniors live their lives every day within the comfort of a community that is designed just for them. Active and independent seniors aged 55 years old and up are eligible to live in these age-restricted senior apartment communities.

In reviewing the senior apartment and housing options, it is good to know that there are different options in amenities. Senior communities can offer on-site classes including art, aerobics, yoga, day trips, dining, and other areas of interests. These amenities and prices vary greatly depending on the housing option.

Average Cost of Senior Apartments

The average cost of senior living varies and depends on the location, size, amenities, type of community, and personal assisted care. The price range varies so greatly that it can be anywhere between $500 and $10,000 a month to live in a senior living apartment depending on all factors considered. (3)

According to The National Center for Assisted Living Report, the median cost of assisted living apartments is roughly $4,000 a month ($48,000 annually). The final cost is more when considering miscellaneous fees, hidden costs, HOA, and the assisted living costs if there are medical caregiving fees. Additional fees may be due to activities within the senior living community such as day trips or planned events. All of these fees contribute to the national average of senior living costs. (4)(5)

When searching for the right senior housing at an affordable cost, using websites like Redfin, Zillow, or ForRent filter through criteria so that options are clear with prices, location, amenities, and specific needs. These real estate websites along with independent programs likeAARP (American Association of Retired Persons) and A Place for Mom can provide free resources to assist the search for senior living apartments that meet all unique requirements. (6)

There is an affordable senior living apartment option that is a match for you or your loved one. The challenge is in knowing your budget and lifestyle. Make a list of the requirements you have in your new senior housing search and make use of the resources that are out there. Dedicated programs and communities are waiting for you to take the step into the next chapter of life.

  1. HUD Section 202 (2) Amenities in Assisted Living (3) Average Cost of Senior Living (4) National Center for Assisted Living (5) Hidden Costs of Senior Living (6) Resources Senior Real Estate

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