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.
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.
"Thank you for your answer to my age restriction question
on senior communities. It was complete and clear".
Thank you, Mac
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