For example, an individual may initially move into a senior apartment, but need assisted living, memory care, or hospice care in the future. Buying into these communities is a long-term investment that enables older adults to transition to different types of housing and care levels. It's common to find senior apartments for sale in continuing care retirement communities (CCRCs). However, choose carefully where you decide to live, as the Harvard Joint Center for Housing Studies (JCHS) reports that rent in professionally managed apartment buildings has skyrocketed in the past few years.įYI: Boost your budget for housing by following these frugal living tips for seniors. Market-rate apartments are competitively priced based on comparable housing in the area. Amenities such as community dining, housekeeping, and transportation are often included. Unlike affordable living apartments, market-rate senior apartments don't have income limits. Amenities in low-income senior apartments tend to be limited. Rent is priced below the market rate, and eligibility is based on income, family size, the area's median income (AMI), and other factors. Income-restricted older adults may qualify for affordable senior living apartments through federal, state, and local housing programs. Let's explore these apartment options in more detail. There are generally three pricing categories of senior living apartments - affordable, market rate, and luxury - though you may not find all three in every market. Some senior apartment complexes even include small playgrounds or host monthly kid-oriented events for the grandkids. While children and grandchildren cannot live in senior apartments, they can certainly visit! Apartment rules and regulations vary, so before that weeklong sleepover, confirm what's defined as short-term visits. As mentioned above, 62 and over properties offer no exceptions, so children aren't permitted to live in these units with older adults. One such scenario would be when a senior resident is the legal caretaker for their disabled adult child. In 55+ senior living, there is greater flexibility to the age-requirement rules for children. However, 62+ senior apartments have a strict age policy and offer no exceptions to the rule. 2 As long as one household member meets the minimum age in a 55 and over community, spouses should be eligible. Department of Housing and Urban Development's (HUD) Fair Housing Act, to be deemed as 55+ senior housing, 80 percent of the units must have at least one occupant who is 55 years of age or older. During your apartment search, it's important to ask if the property is a 55+ or 62+ community, as the rules vastly differ. It depends on the situation, as senior apartments often have age requirements. Have relocated to be closer to family and friends.Ĭan Children or Spouses Live in Senior Apartments?.Want a place with minimal responsibilities and upkeep.Want the freedom to travel without the worry about property left behind.Have sold their home and downsized to simplify their lifestyle.Senior apartments have a wide range of residents! Here's a snapshot of adults who call senior apartments “home sweet home,” including those who: Compared to studio or suite apartments (which are more communal), multi-room senior apartments can help older adults transitioning to apartment living feel like they are in their own homes. Or, if you need more space to stretch out, choose a multi-room one- or two-bedroom apartment. Other apartments are suite-style, meaning each older adult has their own bedroom while sharing a common living space, kitchen, and bathroom with other residents. Studio apartments offer a compact open floor plan. Senior apartments vary in size and setup. For example, the apartments may offer ground-level accommodations, an elevator, handicap-accessible units, and safety features. Senior apartments are designed with the needs of older adults in mind. As we age, our needs change, and these age-restricted apartments (typically 55+ or 62+ or older) have us covered. Packed with age-friendly accommodations and amenities, senior apartment communities cater to the lifestyles of older adults.
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