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Quick senior
link–
What is affordable
housing?
Q:
What is affordable housing? How much should seniors
expect to pay for this type of housing?
A: The
standard definition of affordable housing is housing
that costs less than 30 percent of income. The
Department of Housing and Urban Development
estimates that "30 percent of all elderly
households pay more than they can afford for
housing."
In the Twin Cities,
the average senior’s income is $15,000 per year or
$1,250 monthly. That translates into an
"affordable" rent of $375. For someone in
a senior subsidized apartment, that would be the
maximum rent. However, in the metro area, waiting
lists for senior high-rises are often one to two
years long. The average rent for a one-bedroom
apartment in the Twin Cities is $750. With some
searching and luck, it’s possible to find
apartments for less, but not at the
"affordable" price of $375.
Even for the
homeowner who has paid off the mortgage, housing
costs include property taxes, insurance, utilities,
yard work and snow removal and home repair.
Possible solutions
to convert that home into affordable and accessible
long-term housing include: a reverse mortgage to pay
for long-term care costs in the home, a tenant found
through the Share-a-Home program who would help with
costs and chores, or a home rehab loan to make the
house more accessible.
For help in finding
these programs or for a copy of the Senior Housing
Directory, call the Senior LinkAge Line® at
1-800-333-2433.
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