I’m Over 60 and Can’t Afford Housing: What Are My Options? - Guide

As you enter your 60s, housing affordability can become a pressing concern. Whether you’re living on Social Security, a modest pension, or limited savings, the cost of maintaining or securing housing may exceed your monthly budget. Understanding the full range of options available can help you make informed decisions about your living situation and financial future.

Housing Options for Adults Over 60

Several housing models cater specifically to older adults with limited incomes. Public housing authorities operate senior-designated apartment buildings that offer reduced rents based on your income level. These communities often provide age-restricted environments where residents share similar life stages and concerns. Additionally, subsidized senior apartments through nonprofit organizations can offer affordable monthly payments while including amenities like community rooms, transportation assistance, and on-site social activities. Some areas also feature naturally occurring retirement communities, or NORCs, where aging residents remain in their longtime neighborhoods with added support services.

Another option gaining popularity is accessory dwelling units, or ADUs, which are small secondary homes on a family member’s property. This arrangement allows you to maintain independence while staying close to loved ones. Co-housing communities represent another alternative, where residents share common spaces and responsibilities while maintaining private living quarters.

Income-Based Senior Housing Programs

Federal and state governments offer several programs designed to make housing affordable for seniors with low to moderate incomes. The Section 202 Supportive Housing for the Elderly Program provides rental assistance specifically for very low-income seniors aged 62 and older. These developments include features like grab bars, ramps, and emergency call systems tailored to older residents’ needs.

The Housing Choice Voucher Program, commonly known as Section 8, allows eligible seniors to rent privately owned housing while paying only a portion of their income toward rent. The voucher covers the difference between what you can afford and the actual rent amount. Low-Income Housing Tax Credit properties also reserve units for seniors meeting income requirements, typically set at 50 to 60 percent of the area median income.

State and local programs may offer additional assistance. Some municipalities provide property tax relief, utility assistance, or emergency rental aid for qualifying seniors. Veterans may access housing through the Department of Veterans Affairs, including the HUD-VASH program combining vouchers with case management services.

Renting vs Shared Housing at Retirement Age

Deciding between renting independently and entering a shared housing arrangement requires careful consideration of your preferences, health status, and budget. Traditional renting offers maximum independence and privacy but typically costs more than shared arrangements. You’ll be responsible for all utilities, maintenance requests, and household tasks.

Shared housing, where you live with roommates or in a multi-generational household, can significantly reduce expenses. Programs like Silvernest and the National Shared Housing Resource Center help match older adults with compatible housemates. This arrangement cuts costs for rent, utilities, groceries, and other household expenses while providing built-in social interaction and mutual support.

Homesharing with a younger person can be particularly beneficial. Some arrangements involve reduced rent in exchange for light assistance with errands, meal preparation, or household chores. This intergenerational living can combat isolation while keeping housing affordable. However, shared housing requires compromise, clear communication, and compatible living habits.

Prices, rates, or cost estimates mentioned in this article are based on the latest available information but may change over time. Independent research is advised before making financial decisions.

Waiting Lists and Eligibility Criteria

Most affordable senior housing programs maintain waiting lists due to high demand and limited availability. Wait times can range from several months to several years depending on your location and the specific program. It’s advisable to apply to multiple programs simultaneously to increase your chances of securing housing sooner.

Eligibility typically depends on age, income level, and sometimes disability status. For most programs, you must be at least 62 years old and earn below a certain percentage of your area’s median income, usually 50 to 80 percent. You’ll need to provide documentation including proof of age, Social Security statements, tax returns, bank statements, and identification.

Some programs prioritize applicants who are homeless, living in substandard conditions, paying more than 50 percent of income toward rent, or involuntarily displaced. Veterans, individuals with disabilities, and those fleeing domestic violence may also receive preference. Understanding these criteria helps you identify which programs you’re most likely to qualify for and how quickly you might receive assistance.

How to Assess Long-Term Affordability

Before committing to any housing arrangement, evaluate whether it remains sustainable as you age and your needs potentially change. Calculate your total monthly housing costs including rent, utilities, insurance, transportation to essential services, and any homeowner or renter association fees. Compare this total to your guaranteed monthly income from Social Security, pensions, and other stable sources.

Financial advisors generally recommend spending no more than 30 percent of your gross income on housing. If your current or proposed housing exceeds this threshold, you may face difficulty covering other essential expenses like healthcare, food, and transportation. Consider how potential changes, such as increased medical costs or loss of a spouse’s income, might affect your ability to maintain your housing.

Also factor in the accessibility and services available. As mobility or health challenges arise, will your housing accommodate walkers, wheelchairs, or in-home care providers? Is public transportation or grocery delivery accessible? Does the community offer social activities and support services? These considerations ensure your housing choice supports your wellbeing throughout your later years.

Planning ahead and exploring all available resources can help you secure stable, affordable housing that allows you to age with dignity and financial security. Start by contacting your local Area Agency on Aging, which can connect you with housing counselors, application assistance, and information about programs in your community.