The phrase “affordable” can change in meaning greatly depending on the person. In the context of affordable senior housing, we’re referring to housing options that low-income seniors or those living on a fixed income can afford. Affordable senior housing generally pertains to government subsidized rental units that have been made available to seniors. Monthly costs at senior living facilities can be made more affordable by:
- Government subsidies
- Credits
- Vouchers
Regardless of income level, seniors should not be spending more than a third of their monthly budget on costs associated with housing.