As the cost of living continues to increase, it can be harder for seniors with a fixed income to afford housing. This makes it more important than ever to find the right community where you can enjoy life comfortably. Whether it be government initiatives, subsidies, or cheaper alternatives to traditional housing, low-income seniors have several options for housing. You can find affordable senior housing by searching online.
There might be different criteria for low-income seniors depending on the housing program. Search online to learn more and find out whether you qualify for low-income housing.
Here are six types of low-income housing seniors can consider.
1. Co-op Housing
Co-op housing is a form of housing that’s becoming more popular among seniors. Property owners are looking to enhance the lives of seniors living in these establishments. The Senior Cooperative Foundation Board reports there are currently over 125 senior co-ops providing 7,700 units to over 10,500 residents.
Buying into a co-op home can be cost-effective for seniors. By purchasing shares in the corporation that owns the building, residents can lease a specific unit and gain access to common areas. Your share could end up growing one to two percent annually and potentially lead to a small return later on.
An additional perk to living in co-op housing is being able to apply for a membership that gives senior residents voting rights into how the building is managed. Plus, you’ll be able to save money by utilizing shared amenities instead of buying your own.