The demand for low income retirement homes for seniors seems to be growing with this segment of our population. Baby Boomers are on the rise and although are considered to have the highest disposable income, lower income retirement homes are in great demand.
There are several types of homes that seniors qualify for. When seniors apply for subsidized housing, the list for applicants is ever growing, sometimes being as long as two-three years.
The demand for these types of homes for seniors within a income range is far greater than the number of subsidized units that are available. Something to consider for seniors when searching for homes within a certain income, are some religious and public charities that help subsidize seniors.
Some qualifications for low income homes can differ from location to location and state to state. A senior trying to obtain a retirement home must be at least 62 years of age and meet certain income limitations.
Most times, as requirements vary from state to state, a senior must earn 50% or less of the median income for that area. Once that is established, a percentage of their income, (usually 30%) is charged for monthly rent. The difference paid for a home within a certain bracket is fair market value of area rents paid by the government or charity providing the low income retirement homes vs the difference the senior citizen must pay.
Types of low income retirement homes:
* Apartment complexes that may have recreation, transportation, meals and housekeeping. You have to determine what your needs are.
* HUD (Housing & Urban Development) which in Section 8, 202 or Section 202 conversion. You can visit HUD online for further info.
Before doing anything for your retirement home, check with local, county or state agencies for the aging and by all means, start this 2-3 years before retirement. This can be very taxing, frustrating and time consuming.
If a retirement home is in your future, be sure that your future has low income retirement homes in it.
Ric Dalberri is a graduate of Columbia State University & has been involved in his own business (sold) employing over 100 people. Ric was also a top producer as a Financial Specialist for over a decade with one of the largest financial institutions in the U.S.
Ric is the founder of Retirement USA which provides complete solutions for your lifestyle. Please visit and sign up for the free newsletter.
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