Seniors Apartments

According to U.S. Census data, about one in five seniors are renters, either always renters or former homeowners who sold their properties to become renters.

Reasons for becoming renters include circumstances such as:

• ► Divorce(dividing equity)
• ► Financialinabilitytopaymortgage,taxes,insurance,upkeep
• ► Relocation closer to family and grandchildren (younger families often move for
  job-related reasons)
• ► Ability to free up equity for investment income
• ► Freedom from home and garden maintenance
• ► Freedom to travel
  Seniors-only apartments suit those who can take care of themselves, are relatively healthy, have sufficient funds to buy or rent the apartment, and want to maintain independence and privacy. They offer social opportunities, comfort, safety, and security, but no medical or custodial care. As noted earlier, some apartment buildings become de facto senior housing by virtue of the age of the residents.
  The apartments, rental or condo, are usually small and easy to maintain. The design may include assistive features such as shower seats, handrails, and emergency alert devices. Residents may have access to services such as recreational programs, transportation, and communal dining rooms.
  Some seniors-only apartments qualify as low-income housing and charge below- market rents based on a set percentage of the resident’s income. These apartments are subsidized by HUD, states, or community grants. HUD affordability guidelines require expenditure of no more than 30 percent of the county’s median income for housing. There is usually a long waiting list to move into one of these facilities due to low turnover. Communities can encourage construction of low-income senior housing through incentives, tax credits, and zoning variances.