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You’re either nearing the finish line or you’ve already crossed the retirement lane. Everyone’s comments are all too familiar – “How lucky you are to work”, “Oh the holidays you have planned to spend abroad”, or “I’m jealous of the free time you get. enough”.
Housing For Seniors On Fixed Income
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As you face or cross the finish line of retirement, those familiar voices can become very unfamiliar indeed. You extend your retirement – working part-time to keep a roof over your head. That vacation was never part of the plan because your savings are limited. You spend most of your free time trying to figure out how to keep paying the rent or afford the mortgage on your limited income.
Edmonton’s Quality Affordable Housing
Whether you’ve planned well for your retirement or are pinching pennies, you’re not alone if you feel like your savings and current income aren’t enough to afford housing. The truth is that the cost of housing eats up a significant portion of the income of older adults. Fortunately, there are supportive initiatives to help older adults on limited incomes afford housing comfortably without breaking their banks – subsidized housing. Because many low-income older adults rely on subsidized housing, long waiting lists are common, so you need to act quickly.
It’s hard to tell where you stand compared to others in terms of income. You should respect the privacy of others and you may not feel comfortable revealing your personal finances and housing situation. How do you know if you’re ahead, behind, or in the middle? Let’s look at some data from research studies that may give you better understanding and perspective.
How do you compare to the general population of older adults living in subsidized housing? A study showed that:
A research study looked at income levels for low-income older adults. If you’re counting on your Social Security income to meet your housing needs, you’re not alone. Social Security is a critical source of income for low-income older adults.
Oc Housing Authority
As a rule of thumb, general budgeting advice suggests that a family or individual should spend no more than 25 to 30 percent of gross income on rent. In addition to rent, other financial costs also affect a person’s decision to find subsidized housing. High housing costs force families and individuals to avoid spending money on essentials that are arguably life-saving and useful for a person’s longevity—food, health care, and missing out on a house payment. Fortunately, helpful resources for older adults living on Social Security help supplement these expenses so you don’t have to sacrifice essentials that contribute to your health and ability to save money.
Avoiding rent is a downward spiral for tenants – making it more difficult to find future housing. If everyone had it their way, they would always choose to pay rent on time. To avoid missing out on a housing payment and a bad credit history as a renter, it helps to understand what affordable housing options are available to help low-income older adults. Because older adults are already on limited incomes, affordable housing typically requires between 25 and 30 percent of a family’s or individual’s monthly adjusted income. Let’s see what these are.
Housing vouchers, formerly known as ‘Section 8’, are a federal government program aimed at helping very low-income families, seniors and people with disabilities obtain decent, safe and sanitary housing in the private market.
Who is eligible for housing vouchers? After proving U.S. citizenship or appropriate immigration status, PHAs determine your eligibility by looking at your total annual gross income and family size. Let’s take a tour around some important points to keep in mind:
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What happens after you receive a housing voucher? The PHA will advise you on housing options. Second, they will help point you in the right direction to secure the best housing option for you and your family’s particular situation.
When it’s all set up, it’s helpful to know the responsibilities of all parties involved. The three parties include the tenant, the landlord, and HUD—each with specific obligations and responsibilities under the signed lease.
Formally known as the Section 202 program, HUD provides funds for private corporations or owners to build affordable housing specifically for very low-income older adults. Very similar to housing vouchers, HUD subsidizes these private corporations or owners to make rent affordable.
Section 202 stands out as a program that provides low-income seniors with affordable housing for independent living with accessible environments, supportive cleaning, assistance with cooking, group meals and transportation. Participants in this program pay no more than 30% of their net income.
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Public housing was established to provide decent and safe rental housing for qualified low-income families, older adults and people with disabilities. From single-family homes to high-rise apartments, there’s sure to be a fit for families with different needs, preferences and family styles.
Currently, about 1.2 million families live in public housing units. Similar to housing vouchers and multifamily subsidized housing, HUD administers funds to PHAs to manage affordable rental housing for low-income residents.
Public housing exists to give specific groups of families with the least resources an advantage in securing housing. As the demand for affordable housing increases, the demand for housing assistance often exceeds the limited resources HUD and PHA can provide for housing for all families and individuals in need. Here are some tips:
How is rent determined for a tenant? Rent is based on a formula called ‘Total Tenant Payment’ (TTP). Regardless of the unit chosen, the TTP represents the minimum amount a family must contribute to rent and utilities. To put it simply, TTP determines your rent based on the higher of the four options. For example, if your monthly adjusted income is $800:
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Again, start as soon as you can. Take the initiative to save as much rent as you can so you can more efficiently budget your income on other items that make your life easier. The truth is, many applicants face long waiting lists even when they meet all eligibility criteria. A HUD study reported:
Don’t be discouraged. Again, take these numbers with a grain of salt, as families and individuals often secure affordable housing in a faster time frame. Act fast, have all your paperwork handy, and ask often if you come across ‘choice preferences’ in your community. Asking your primary care physician for a personal case manager consultation can help secure a home quickly as they tend to understand how to jump around loops.
Moving into subsidized housing may not be part of your plan after retirement, but it can save you from depleting all your funds and savings. Each person has a unique situation, timeline and life story. Whether it’s large medical expenses, being stuck with a high mortgage payment, or an unfortunate financial loss, the mission for subsidized housing is clear – to pay a fair price for rent based on one’s income. We provide some compelling stories from low-income older adults who are currently living in or in the process of applying for subsidized housing.
Participants in the research study expressed a change in their self-identity due to health or financial circumstances. Many felt they did not belong in senior apartments or subsidized housing. A participant named Larry had a fixed income of $1030 per month and his rent was $675 per month – 65.5 percent of his income. Larry couldn’t get anything after paying his utility bills and cable TV:
Housing For Seniors On Social Security
A second example included those with middle-class work histories but living in or applying for subsidized housing. A 74-year-old woman is currently on the waiting list for an interview. Despite the reported financial success during her tenure, she described herself as a victim of the economic collapse. She reported:
There is also strong social support and organization within subsidized housing. Perspective taking appears to contribute greatly to when residents feel happy or unhappy about their situation. A 54-year-old woman described her building as “a small town within a town”.
Post-retirement is considered a time of luxury, but many low-income older adults cannot afford even the necessities to sustain their daily lives. Some take on a second career to pay off their existing mortgage or keep a roof over their heads. Others are placed on a waiting list for subsidized housing, with no guarantee when it will be their turn. With subsidized housing, a person’s rent can be cut in half. Allowing everyone to not only enjoy the must-haves, but also to breathe and de-stress their minds.
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