What Is Social Security Senior Housing?

Aging gracefully is one thing, but aging in housing you can reasonably afford on Social Security is quite another. When you're relying heavily on Social Security income, Social Security senior housing is an option that can help you stretch your budget further.

Loading paragraph...

Two people sitting at kitchen table and looking at papers in front of laptop. — Image source: Getty Images.

Loading image...

Loading paragraph...

Subsidies

Financial aid or support provided by governments to individuals, businesses, or industries to encourage certain activities or outcomes.

Loading definition...

How do you qualify for subsidized senior housing?

Because all Social Security senior housing is subsidized, it's important to understand what it takes to actually qualify for this assistance. Several things are considered, regardless of which program or type of housing you're pursuing.

Age limits. Senior housing is typically limited to people aged 62 and above. There can be exceptions for spouses who are slightly younger, but this will vary between programs.
Income qualification. Subsidized housing is always granted based on income qualifications, but it's not always as straightforward as a "yes" or a "no" based on your income. In many cases, your income is used to determine the amount of subsidy you receive toward your rent.
Asset qualifications. Many seniors have far more assets than other age groups because those assets are the source of their income. But to qualify for subsidized housing, your assets will be scrutinized, and you may need to spend down to lower your assets.

Loading paragraph...

Loading pitch...

Loading paragraph...

Related investing topics

Loading paragraph...

Social Security Benefits Formula: How to Calculate

Learn about the calculations that determine your Social Security benefits.

Full Retirement Age for Getting Social Security

When can you retire and collect Social Security? It depends on when you were born.

How to Avoid Social Security Scams

Keep your money and personal information safe from imposters.

Loading hub_pages...

Loading paragraph...

Loading pitch...

About the Author

Kristi Waterworth has been a contributing real estate and financial expert at The Motley Fool, covering real estate, investing, and personal finance topics, since 2020. Kristi has been interviewed by various TV media outlets and podcasts for her real estate investing expertise – from residential real estate to digital real estate and everything in between. Kristi’s journalist career spans over 25 years, and she has written about real estate investing, homeownership, and home construction specifically for the last decade. She was also previously a licensed Realtor and general building contractor before the Great Recession and housing market collapse. She holds a bachelor’s degree in American history from Columbia College in Missouri.

TMFMaldivesBlue

@MaldivesBlues

The Motley Fool has a disclosure policy.