For older adults with limited fixed income, housing costs can easily consume most of the budget, which has resulted in a demand for low-income retirement housing. As the 澳洲幸运5官方开奖结果体彩网:cost of living rises and more people enter retirement, affordable housing can be difficult to secure. Nonprofit organizations, coalitions, and government programs can help ಞretirees afford housing expenses.

Low-Income Retirement Housing Options

The 澳洲幸运5官方开奖结果体彩网🔯꧒:cost of housing and the associated care can vary widely. According to a 2024 Genworth Cost of Care Survey, it can range from about $769 to $13,233 a month depending on the state and type of facility. Individuals wiﷺth limited financial means have other options which include:

• Aging in place: Living independently is often cheaper than living in housing targeted for older individuals. More than half of those living alone don’t have the money to cover necessities. The University of Massachusetts Boston’s can help determine how much money individuals need to live independently and 澳洲幸运5官方开奖结果体彩网:age in place.
• Living with family: Staying with adult children or other relatives is a common housing situation for retirees in the U.S. Multigenerational housing is one method older adults can use to avoid poverty and avoid becoming unhoused.
• Subsidized housing and Section 8: The U.S. federal government provides rental and single-family home opportunities for individuals with very low incomes. 
• Assisted living facilities: Assisted living facilities cater to more specific healthcare needs. The amenities and services provided depend on the level of care needed. 

What to Consider

Affordable housing for income-restricted people can be difficult because the w⛦aitlists often span several years. Jennifer Prell, CEO and founder of , told Investopedia that getting an early start with securing housing means a better chance of accommodating a retiree's budget and fulfilling their community needs.

Retirees can be the targets of scams. Find community-based agencies, nonprofits, and webs𝓰ites without corporate dealsꦯ. Individuals can also turn to the U.S. for more guidance and information about where to look for income-restricted housing. Some things to consider when looking for income-restricted homes include:

• Location: The location of housing can affect tax rates, healthcare options, climate, access to public transportation, and job opportunities.
• Future needs: Health conditions, family relationships, and other factors can change. Consider whether the housing has the amenities and conveniences required now and in the future.
• Issues and complaints: Check online for reviews and comments on specific housing complexes. Medicare has nursing home rating systems that can help determine the right nursing home for each individual.
• Type of housing: Housing may focus on age, lifestyle, and level of care. Understanding what a retiree can afford and the requirements of 澳洲幸运5官方开奖结果体彩网:each community will help them better understand whether independent living, active adult communities, respite care, or another housing option is the right option.

How to Pay for Housing

When retirees search for affordable or income-restricted housing, they each have different needs that require different costs. “We ask questions to understand who they are as a person, make sure their legal🐼 affairs are in order, and what their financial picture looks like,” Prell said. “🔜Many of them are coming to us with no savings, no assets, and no idea of how they will afford to live.”

It’s estimated that more than 17 million people aged 65 and older are economically insecure, meaning they have incomes below 200% of the 澳洲幸运5官方开奖结果体彩网:poverty level. According to one study by the National Council on Aging, 80% of older Americans ages 60 and older could not afford to pay for long-term care or withstand a financial shock.

• Social Security: 澳洲幸运5官方开奖结果体彩网:Social Security is a common and reliable income source for retirees with monthly payments. Social Security represents almost 90% of income for 12% of men and 15% of women.
• Medicaid: Retirees may receive housing assistance through Medicaid for some facilities. Benefits vary by state.  
• Nonprofit organizations: These organizations help fill financial gaps related to housing. Elderwerks, Volunteers of America, and HumanGood are some examples.
• U.S. Department of Veterans Affairs (VA): Veterans may be eligible for housing benefits including financial assistance for nursing homes, assisted living facilities, and home healthcare through the 澳洲幸运5官方开奖结果体彩网:VA. 
• Long-term care insurance: Offered by various insurance agencies, 澳洲幸运5官方开奖结果体彩网:long-term care insurance covers personal care needs like nursing homes or adult daycares. It may be a viable option for those unqualified for Medicare or Medicaid.

The Bottom Line

Finding low-income housing for retirement can be challenging. The more older adults prepare for retirement, the easier it is to meet their housing needs. A 澳洲幸运5官方开奖结果体彩网:financial advisor ca🌠n help guide individuals through their best options for housing and other retirement topics💫.