As the population of older adults in the United States grows, finding cost-effective living arrangements becomes more critical. Many seniors struggle to balance their limited incomes with rising housing expenses. In fact, roughly one in four senior homeowners and over half of senior renters spend 30 percent or more of their monthly income on housing costs. Secure, affordable housing can mean the difference between financial stability and hardship for those living on fixed or low incomes. Below, we explore various programs and creative solutions designed to help seniors find safe, affordable places to live while offering tips on maximizing every dollar.

How Value-Based Care Gives Senior Living Communities a Strategic Advantage

What Counts as Affordable Senior Housing?

When we talk about “affordable” senior housing, we mean homes or apartments that cost no more than 30 percent of a senior’s gross monthly income. Anything beyond that percentage is considered a housing cost burden. Despite limited availability in many regions, especially for low-income older adults, there are several pathways to finding housing that meets this guideline. With persistence and flexibility, seniors can secure a living situation that aligns with their budget and lifestyle.

Receive Updates Straight Into Your Inbox Today. SIGN UP HERE.

Low-Income Senior Apartments and Condominiums

Some apartment and condo communities are specifically designated for low-income seniors, often capping rent at 30 percent of a household’s adjusted gross income (AGI). For example, if a senior’s AGI is $1,000 per month, rent would be no higher than $300. Government agencies, nonprofit organizations, and other entities typically subsidize these residences.

Key advantages:

• Accessibility: Many complexes include features like elevators, grab bars, and widened doorways.

• Age-based communities: Properties often set eligibility at 55+ or 62+, fostering social engagement and reducing isolation.

To locate these properties, start with an internet search for “low-income senior housing near me,” or explore nonprofit organizations that specialize in affordable senior housing, such as:

• Volunteers of America: Operating over 500 properties across 42 states and Puerto Rico, this nonprofit provides a range of senior housing—from low-income apartments to assisted living and skilled nursing facilities. Visit the Volunteers of America website to search by ZIP code.

• Good Samaritan Society: An evangelical Lutheran nonprofit offering budget-friendly senior apartments (minimum age as low as 50). Proof of income is required, but church membership is not. Learn more and apply through your local Good Samaritan Society branch.

• HumanGood: With 100 affordable senior housing communities in California, Delaware, Oregon, Pennsylvania, and Washington (serving nearly 9,000 residents), HumanGood requires a minimum age of 55.

• Mercy Housing: A national nonprofit providing affordable housing for low- and moderate-income seniors. Most properties include resident services, focusing on health, wellness, community involvement, and financial guidance.

Cooperative (Co-op) Housing for Seniors

Senior cooperatives offer an alternative to both standalone homeownership and traditional rentals. In a co-op, a corporation owns the building and land; residents purchase shares in the corporation rather than individual units. Shareholders then lease a specific apartment and gain access to communal amenities like fitness rooms, shared kitchens, laundry facilities, and outdoor gardens. In addition to the upfront cost of shares, residents pay a monthly fee that covers the master mortgage, property taxes, utilities, maintenance, and other shared expenses.

Why consider a co-op?

• Investment aspect: While shares typically appreciate by only 1–2 percent annually, members maintain equity in the property.

• Collective decision-making: Members vote on building policies, repairs, and community activities, fostering a strong sense of ownership and collaboration.

• Resale process: When it’s time to move, residents can sell their shares back to the co-op or another member, recouping their initial investment plus any equity gained.

For a directory of senior co-ops, consult the Senior Cooperative Foundation website, which lists over 125 co-ops across the United States.

HUD Programs for Low-Income Seniors

The U.S. Department of Housing and Urban Development (HUD) runs two major programs that benefit older adults with limited incomes:

• Section 8 Housing Choice Vouchers

Under this program, qualifying low-income seniors receive vouchers that cover a portion of their rent. Participants find their own housing—apartments, condos, single-family homes, or townhouses—provided the landlord agrees to accept Section 8. The local Public Housing Agency (PHA) pays the landlord directly, and the senior pays any difference. Note that waiting lists can be lengthy, but seniors who are homeless or lack safe, sanitary shelter may receive priority placement. Contact your local PHA to apply.

• Section 202 Supportive Housing for the Elderly

Designed for very low-income seniors (62 and older), Section 202 funds the development or renovation of multifamily properties. Although these units are primarily for independent living, many offer support services—like light housekeeping, transportation, and meal preparation. Rent is capped at 30 percent of the senior’s adjusted income, and eligibility requires a household income below 50 percent of the Area Median Income (AMI).

Virtual Retirement Communities (Village Model)

Rather than relocating, some seniors stay in their own homes but join a local “village” or virtual retirement community. These member-driven nonprofits coordinate a range of services—transportation, grocery delivery, home maintenance tasks (e.g., tree trimming), and organized social outings—providing many benefits of a retirement community without the hefty price tag.

• Membership costs: On average, villages charge about $450 per year, although fees can be as low as $125.^3

• How to join: Visit the Village to Village Network website or search online for “virtual retirement communities near me.”

Adult Family Homes (Adult Foster Care)

Adult family homes (often called adult foster care) house up to six seniors in a family-style setting. Each resident has a private bedroom but shares common areas such as the kitchen and living room. These homes must be licensed and inspected by the local Department of Family Services, and a professional team—including supervisors, nurses, counselors, dietitians, and social workers—oversees daily operations.

• Who it’s for: Seniors who need modest assistance with day-to-day tasks but do not require specialized medical care.

• Cost comparison: Generally more expensive than a low-income apartment but significantly cheaper than assisted living facilities.

• How to locate: Contact your local Department of Family Services or Adult Services division to find licensed adult foster care homes in your region.

Moving in with Family

In the U.S., only about 6 percent of individuals aged 60 and older live in multigenerational households, compared to 38 percent worldwide.^4 Still, moving in with adult children, siblings, or other relatives can eliminate rent or mortgage costs and provide built-in support when daily help is needed.

• Communication is key: Before making this choice, have an open discussion about everyone's expectations—finances, chores, privacy, and any necessary home modifications for safety and accessibility.

• Mutual benefits: Grandparents may provide childcare or household help, while families gain peace of mind from having an older loved one nearby.

Finding a Housemate

Many adults age 50 and over choose to share living space to offset costs. If you already own or rent a home, adding a roommate can help cover mortgage payments, property taxes, and maintenance. For seniors searching for a place to live, moving into someone else’s home as a roommate is often cheaper than renting a studio or one-bedroom apartment—and it offers social interaction that can combat loneliness and depression.^5

Organizations that match seniors with potential housemates include:

• New York Foundation for Senior Citizens: This program connects seniors who have spare rooms with older adults seeking affordable housing. Social workers screen applicants and supervise meet-and-greet sessions to ensure good matches. Both host and roommate must be at least 60.

• Affordable Living With Aging (ALA): Based in Los Angeles, ALA has matched over 2,400 seniors since 1978. As part of the National Shared Housing Resource Center, ALA focuses on shared living for seniors facing financial hardship.

• Silvernest: An online homeshare service where hosts list spare rooms and prospective roommates create profiles indicating their preferences. Silvernest offers free and paid membership options; the paid plan includes a background check. According to Silvernest, hosts earn an average of $850 per month, while renters save around $750 per month compared to renting a one-bedroom apartment.

Budget Tips for Seniors Seeking Affordable Housing

• Know your income details: Calculate your adjusted gross income (AGI) to determine what 30 percent of your monthly budget allows for housing.

• Apply early: Many subsidized and HUD-funded programs have long waiting lists. Submit applications as soon as possible.

• Explore multiple options simultaneously: Don’t rely on a single program. Apply for low-income apartments, Section 8 vouchers, and co-ops to increase your chances.

• Stay informed about local nonprofit resources: Beyond the big national organizations, smaller local nonprofits may have openings or waiting lists that move more quickly.

• Consider location trade-offs: Housing closer to city centers often costs more. If transportation options exist, look in more affordable neighborhoods or suburbs.

• Maintain paperwork: Keep income statements, birth certificates, Social Security numbers, and medical documentation (if needed) ready for subsidy applications.

Finding affordable and appropriate senior housing requires patience, research, and the willingness to consider different living arrangements. Whether it’s a subsidized apartment, a cooperative community, or sharing a home with family or a roommate, there are numerous ways to reduce housing costs while maintaining comfort, safety, and social connection. Start by exploring the options above, gathering the necessary documents, and reaching out to local agencies or nonprofits to take the first steps toward securing a stable and affordable home.