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Seniors Only Apartments

 


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What is the age for "senior" apartments?

Senior age-restricted apartments are usually 55 or 62+ and follow HUD regulations which allow for such "age discrimination". If restirctions are 55+, at least one person in the apartment must be at least 55 and the apartment community must have no more than 20% of all residents under the age of 55. If they are 62+, than ALL residents must be at least 62.

Exceptions are made by HUD regulations for renters who are under the minimum age, if they are handicapped.

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Who are renters?

There are those among the senior rental population who have been renters through their most or all of their adult life. Other renters have sold a home of many years and moved to an apartment. Sometimes a life occurance forces the shift from homeowner to renter:

  • A divorce and the need to divide the equity.
  • The financial inability to continue making payments and keeping up the property.
  • Death or relocation of friends and relatives and the desire to relocate to an area where there will again be an emotional or social support-network.
  • Selling a home to free up equity that can be invested to generate interest and/or dividend income.
  • Desire to be free from home and garden maintenance.
  • Freedom to travel more without the worry of what is happening to property back home.
  • Combining those who have always rented with those who sell homes to become renters 23% of 65+ Americans are renters.

    In 1992 AARP research found that 43% of seniors moving to an apartment complex, prefered age-restricted apartment buildings over age-integrated ones.

    Considering becoming a renter because life's changing circumstances make it difficult to meet your financial obligations?
    If your home is paid off, or almost so a Reverse Mortgage may provide another alternative to selling your home.

    The majority of senior apartment renters do not move further than 5-10 miles from their former home or apartment, unless relocating to be closer to relatives.

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