Seniors Only 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.
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:
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?
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.
The three pricing categories of apartments (although
all may not be available in any one market) are:
Market rate are just that. They offer unit size and numbers of bedrooms and baths as non-age-restricted rentals in the area at a competitive monthly rate, or occasionally 10-15% under general age-occupancy market-rate rents. The senior orientation of the age restricted community may however offer different amenities and other advantages geared to the needs and preferences of seniors.
Above market rate, luxury rentals are a relatively new phenomen for the age-restricted market. We see them appealing to the affluent senior wanting a "home" in a second city, or wanting to be free of maintenance without giving up luxuries. Some high end age-restricted properties definitely offer "snob" appeal.
Affordable apartments for seniors (sometimes 55+, more often 62+) are in high demand and short supply. Social, cultural and medical changes have certainly contributed to the need.
Contributing factors are:
Affordable apartments have been created by government programs since the 1930s. What is defined as affordable in one community may not match the definition of affordable in another community. Housing is "affordable" if one pay no more than 30 percent of their monthly income for rent and utilities. To provide housing that is "affordable" government relates affordability to the county median income.
Housing labeled "affordable", indicates someone who earns (or receives) the median income in that county must not have to spend more than 30 percent of that income to pay their rent and utilities.
Programs that provide opportunites for affordable housing are structured or
defined by regulations from federal, county or city government legislation.
The most commonly-known rental vouchers are Section 8 vouchers which can provide renter-based benefits to a qualified renter. They provide rent subsidies so tenants who hold them do not pay more than 30 percent of their adjusted gross income for rent.
To find out about affordable housing opportunities in an area, contact city or county housing agencies. Local senior centers and Area Agencies on Aging may also be able to identify affordable housing or even outline the steps for getting onto waiting lists. Because of undersupply, waiting lists prevail in almost all regions for affordable rentals.
Things to Consider When Apartment Shopping
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