You’re getting older but still living independently, and now you’re thinking it could be time to downsize to an apartment that’s easier to manage. But low income senior apartments can be challenging to find, especially if you’re on a fixed income. Luckily, there are options out there if you know where to look.
From income-based rentals to senior communities with built-in support services, there’re more choices than you might realize. As we understand that keeping living costs low is a priority for many retirees, in this guide we will share some insider tips and resources we’ve uncovered to help you find a cozy new place to call home without overspending.
Section 202 Senior Housing
Let’s start off with the most popular choice for seniors on a fixed-income: The Section 202 program provides affordable apartments specifically for low-income seniors. To qualify, you must be at least 62 years old and meet certain income limits. But there are exceptions to that, such as a caretaker who lives with you for example.
Note that Section 202 itself is not necessarily an assisted living facility, but some units offer services to help their elderly members with certain day-to-day activities. What’s even better is that the rent is subsidized so you pay no more than 30% of your income for rent and utilities (the recommended amount to spend on rent in the US).
If you are eligible, it’s worth exploring Section 202 housing as an option to spend your golden years comfortably and independently without worrying about rent increases, property taxes, or repairs. And with on-site amenities like community rooms, transportation, and social activities, you may also find companionship and social engagement.
How Do I Apply For Section 202 Senior Housing?
There are almost 500,000 Section 202 units across the country, so there may be options in your area. To find a suitable one, contact your local Public Housing Authority or search online for “Section 202 housing program” along with your city and state name.
Once you find properties that interest you, get in touch with them to learn more about availability and the application process. Be prepared to provide information like:
-
Proof of age (driver’s license, birth certificate)
-
Income statements (pay stubs, bank statements, tax returns)
-
Assets (property owned, investments)
-
Medical expenses (if applicable)
The application process typically involves an interview, background check, and review of the documents you provide. Approval can take weeks to months depending on demand. But don’t get discouraged if there are waiting lists – it may still be more efficient than other affordable housing options.
Government Subsidized Senior Housing: HUD and Section 8
Unlike the Section 202 program or traditional assisted living facilities, the HUD (the Department of Housing and Urban Development) program and the Section 8 Housing Choice Voucher Program are not specifically for seniors. But regardless, it can still be a great choice if you can live independently but need affordable housing.
HUD housing offers apartments where rents are capped at 30% of your income. There are lengthy waiting lists, but once you’re accepted, your rent won’t increase much over time. Many HUD apartments have amenities for older residents like grab bars, call buttons, and activities.
Section 8 vouchers, on the other hand, allow you to rent approved private housing and use the voucher to pay for part of the rent. You pay 30-40% of your income toward rent and utilities. The waiting list can also be lengthy, but this program gives you more flexibility with where you live.
Apply For The HUD and Section 8 Program
To apply for either HUD or Section 8 housing, contact your local Public Housing Agency (PHA). You’ll need to provide information about your income, assets, family size, and current living situation. The public housing agency will determine your eligibility and add you to the waiting list. The process can take months to years, so apply as soon as possible.
Low Income Housing Tax Credit (LIHTC) Properties
Low Income Housing Tax Credit or LIHTC properties are subsidized by the government to provide affordable housing for seniors or low income families. To qualify for LIHTC housing, your income must be below a certain threshold, often around 60% of the area’s median income, though it also depends on the amount of members in your family or household.
Finding LIHTC Properties
The easiest way to find LIHTC properties in your area is to contact one of your local Public Housing Agencies. They maintain listings of affordable senior housing options, including LIHTC properties.
When you find some promising properties, visit them if possible. Find out the following from the managers:
-
What utility costs are included in the rent? Some LIHTC properties include heat electric and water.
-
Are there income limits or caps? Make sure your income falls within the guidelines, as income limits can vary in each state and county.
-
Is there a waiting list? Demand often exceeds supply for LIHTC housing. Apply to any waiting lists as soon as possible.
-
What amenities are offered? Look for properties with features useful for seniors like grab bars, call buttons, community rooms, and laundry.
-
What is the condition and safety of the property? Check that the overall property seems well-maintained, secure, and accommodating for residents with mobility issues or disabilities.
Cost and Applications For LIHTC
Rent for LIHTC properties is also typically 30% of your income. So if your monthly income is $2,000 for example, your rent would be around $600 per month. To apply, you will need to provide information like your income statements, bank statements, tax returns, photo ID, and Social Security card. The application process can also take several weeks to months to be approved, so start as early as possible.
With patience and persistence, you can find an LIHTC property to suit your needs and budget. Affordable housing for a low income senior is extremely important, and the LIHTC program has helped provide secure and livable homes for many. By doing your research and preparing well for the application process, you’ll increase your chances of getting into a property you’ll be happy to call home.
Pros and Cons of Affordable Senior Living Communities
When considering affordable senior living communities, there are several pros and cons to consider. On the one hand, these communities can offer independence and social connections for seniors living on a budget. However, there are also potential downsides to keep in mind.
Pros
Affordable senior apartments frequently come with amenities and services tailored to older residents. For low income seniors, the ability to access these features at a lower cost is appealing.
These communities also provide opportunities for social interaction and combating isolation. Engaging in group activities, making friends with neighbors, and participating in community events can help combat loneliness and give a sense of purpose. For seniors who want to remain independent but crave connections, affordable senior living delivers.
Cons
However, there are some potential downsides to affordable senior living communities to consider:
-
Limited space: Apartments may be quite small to keep costs down. This can be difficult for seniors who are used to larger houses.
-
Fewer amenities: While there are some services and features, they may be more basic. Additional costs may apply for upgraded amenities.
-
Health limitations: Some communities may not be equipped to handle higher levels of care if health needs change. Seniors may have to move to access better care.
-
Strict rules: Communities often have guidelines around things like visitors, noise, pets, etc. Some seniors may find these rules too much.
-
Waiting lists: Demand for low income senior housing often exceeds supply. Seniors may encounter long waiting lists to access an apartment.
What Are The Most Affordable States to Retire in?
Although we’ve been talking a lot about affordable housing options, it’s also important to find the best state for your budget. For example, living in California will cost more than living in Mississippi, even in subsidized housing. But on the other hand, if you’re currently in an expensive state, you may not even need housing assistance at all if you find a place that meets your requirements. So here are the 5 best states to rent an apartment for seniors based on income.
Texas: Low Taxes and Low Cost of Living
Everything’s bigger in Texas, including the cost savings. The state’s lack of income tax and low living expenses make it an attractive place to stretch your retirement dollars.
Renting an apartment in Texas won’t break the bank. Even major cities like Houston, Austin, and Dallas offer reasonably priced rentals, especially compared to other parts of the country. You can find a one-bedroom for under $1,000 a month in many areas.
The state’s low taxes also help your money go further. There’s no state income tax in Texas, so you get to keep more of your retirement income. Sales taxes are on the higher side at around 8.25%, but everyday essentials like groceries and medicine are exempt.
Healthcare and transportation are also very affordable in Texas. Costs for doctors and hospitals are well below national averages. And you don’t need a car to get around in some cities, thanks to solid public transit options.
Nature and outdoor activities abound in the Lone Star State, and many of the best attractions like parks, lakes and hiking trails are free or low cost. An annual park pass is only $70 for unlimited admission to all state parks.
With its budget-friendly lifestyle, natural beauty and warm climate, Texas offers an appealing retirement destination. Low costs of living with opportunities for an active lifestyle in a place with minimal taxes make the state quite attractive. Everything you need for an enjoyable retirement, all at a price you can afford.
Tennessee: No State Income Tax and Beautiful Scenery
Tennessee is another great state for renters on a budget. Not only is the cost of living low, especially for housing, but Tennessee has no state income tax like Texas. That means more money in your pocket each month.
Within Tennessee, some of the most affordable cities for renters are Knoxville, Chattanooga, Memphis, and Clarksville. In these cities you can find a one-bedroom apartment for under $700 per month. Some even have average rents under $600!
Beyond the low costs, Tennessee offers natural scenery that will take your breath away. From the Great Smoky Mountains to rolling hills and forests, Tennessee has something for everyone. Are you an outdoor enthusiast? Tennessee’s natural wonders provide plenty of opportunities for hiking, camping, fishing, and more.
Culture seekers will also find Tennessee appealing. Nashville, Memphis, and Knoxville all have vibrant music scenes, museums, shopping, dining, and nightlife. Nashville, in particular, is known as the “Country Music Capital of the World.” Music City, USA has amazing live music venues, the Country Music Hall of Fame, the Grand Ole Opry, and annual events like the CMA Music Festival.
Florida: Year-Round Warm Weather and Retiree Tax Benefits
Florida offers an appealing combination of warm weather and tax benefits for retirees. With no state income tax, low sales taxes, and property taxes capped for full-time residents, your dollar can go further.
You’ll enjoy an average of 361 days of sunshine each year and mild winters, allowing for an active lifestyle year-round. Head to the beach, golf, garden, or bike around town wearing shorts in January! The natural scenery is also a major draw, from the Everglades National Park to the Florida Keys.
Housing costs are affordable relative to the amenities. Rent for a one-bedroom apartment averages under $1,000 per month. Look for rentals in central Florida cities like Orlando, Tampa, Fort Myers or Port St. Lucie. Orlando pairs theme park fun with a lower cost of living. Tampa and St. Petersburg also have vibrant downtowns, beaches, sports teams and outdoor activities at a reasonable price.
Healthcare is another benefit, with some of the best hospitals and senior care facilities in the U.S. And when it’s time to travel, Florida’s major airports offer direct flights across the country and internationally.
Yes, summers are hot and humid, and you’ll deal with afternoon thunderstorms and the risk of hurricanes. But if enjoying your golden years in a place with warm weather, natural beauty and an array of amenities at an affordable cost tops your list, Florida deserves a spot at the very top.
Arizona: Desert Vistas and Retirement Friendly
Arizona is also known for its sunny weather and low living cost. Housing and healthcare costs are well below the national average here. You’ll find scenic natural surroundings, vibrant cities, and an abundance of recreational activities to keep you active and engaged.
The desert scenery in Arizona is stunning, from the red rocks of Sedona to the saguaro cacti of the Sonoran Desert. Rentals with mountain or canyon views won’t break the bank. You can find spacious apartments for under $1,000 a month in smaller cities like Prescott or Kingman. Or opt for an active adult community where maintenance and amenities are included for a few hundred dollars more.
Arizona’s largest cities, being Phoenix and Tucson, offer big-city amenities at lower costs. Arts, culture, dining, and nightlife options abound. Rentals average $750 to $1,200 per month. Both cities have reputable hospitals and medical centers for retirees.
Recreation reigns supreme here. You can hike, bike and golf year-round. Check out stunning desert botanical gardens, go stargazing at night due to little light pollution. Take a road trip to the Grand Canyon, Painted Desert, or Petrified Forest National Park.
Arizona has no state income tax, and sales taxes are lower than average. Property taxes and utility costs won’t cost you much either. A mild four-season climate with over 300 sunny days a year will lift your mood and encourage an active lifestyle.
How About a FREE PHONE For Your New HOME??
We’ve been talking a lot about government programs to help you save money and live a better life. Aside from housing assistance, there are a lot of other helpful programs available to you, especially if you’re on a budget. The good news is, if you qualify for Section 202 or some of the other programs we mentioned, you’re likely to also qualify for the Affordable Connectivity Program (ACP) and Lifeline.
What does that mean? Well — If you qualify for these programs with EASY Wireless, you may qualify for unlimited mobile data plans along with many other benefits.
And look at it this way: Searching for a new home takes a lot of planning and research. So access to mobile devices will be key for not only finding your new home, but staying in touch with family, making friends, possibly keeping up with work, managing your finances and business, and contacting essential resources.
When you come to one of EASY Wireless’s retail stores, our customer service agent will help you apply for the benefits.
You will first have to provide identity proof with a government-issued ID. After that very easy step, you can confirm your participation in one of the qualifying programs or your household income amount. Here’s exactly what you’ll receive once you qualify:
EASY Wireless Unlimited Plan
- FREE Unlimited Data
- FREE Unlimited Talk
- FREE Unlimited Text
- FREE Brand-new Smartphone
- FREE SIM Car Kit and Activation
- Choose to Keep Your Number or Get a New One
…when you sign up for Lifeline and ACP with EASY Wireless. EASY Wireless is an established provider with a 20-year history of offering reliable communication services to thousands of satisfied customers
Visit us for all your cell phone and wireless service needs today!
Start Saving Today!
Start Saving Today!
