Living in a home environment that matches your needs and your budget can help you thrive. It’s key to aging well.
“Where you live as you age can have a substantial impact on your quality of life,” says theNational Council on Agingopens a new window. While most older adults prefer to age in place, finances and the need for support can sometimes make this challenging.
The cost of housing has been steadily rising. Housing can take a big chunk out of the household budget for older adults. A common standard for financial well-being is to keep housing costs below one-third of household income. Yet 45% of older adults spend more than that, says theAdministration on Community Livingopens a new window. This can lead to trade-offs in paying for other essentials, like food, transportation, and healthcare.
Homelessness & Older Adults
For some, the high cost of housing raises the risk of homelessness. “People aged 50 or older are the fastest-growing group of people experiencing homelessness in America,” saysThe National Alliance to End Homelessnessopens a new window. “When very low-income older adults are also faced with rising costs of basic needs, such as housing, healthcare, and food, they tend to be more vulnerable to losing their housing.” A key issue nationwide is the lack of affordable housing, they add.
CoAction, which helps neighbors gain access to safe affordable housing, explains, “Housing is the largest household expense for most Americans. 1 in 3 households struggle with housing costs that jeopardize their financial security.”
Help for Housing
CoAction offers many resources to help residents of all ages in Northwest Indiana who are struggling with housing costs:
- Affordable rental apartmentsopens a new windowwith rents of $600-900 per month. CoAction currently manages 267 apartment units across Porter and LaPorte County. Eligibility is based on income.
- Permanent supportive housingopens a new window, which provides stable housing and case management services for families or individuals experiencing homelessness and who have disabilities.
- Housing choice vouchersopens a new window, which allow you to find your own housing in Lake, LaPorte, Porter, Jasper, Newton, Starke and Pulaski Counties.
Coaction also offers Housing Counseling Services and support for people experiencing homelessness. To explore how CoAction can help you, you cancomplete a Services Request form onlineopens a new window.
Other Housing Arrangements
Older adults have explored many specialized options for housing, saysAARPopens a new window. Specialized senior apartments may have age-friendly features, sometimes with subsidized rent. Active older adult communities may provide unique amenities, such as a swimming pool and activity programming.
Some older adults move into a room or apartment in a family member’s house. The idea of an add-on suite is growing in popularity. It keeps families close together while often reducing housing costs for everyone.
Informally, home-sharing is also a growing trend.About 2 out of 5 women aged 75+ live alone,opens a new windowwhich puts the financial burden of housing on one person’s income. Sharing a home or apartment cuts the expense and distributes the work of maintaining a household. “Housemates can be of similar age or entirely different generations,” says the AARP. Companionship with others is a benefit.
For those who need day-to-day support, assisted living is another housing arrangement. It typically provides a room, housekeeping, meals, and access to care—such as help in bathing, help with medications, or physical therapy. Assisted living is not covered by Medicare. it can be a valuable option for someone who needs support, it is not affordable for everyone. More options for adults who need healthcare supports will be featured in a future blog on long-term care.
Ideas to Consider
If you are thinking about a change in your housing situation, some key ideas can help you size up the options. Wherever you live, think about these questions:
- Is this environment safe and accessible?
- Will it help support the level of independence you desire?
- Will you have access to transportation and be able to get where you need to go?
- Will you have a safe place to walk or exercise?
- Will you have access to any assistance you need?
- Will you be able to enjoy social connections?
- If you are going to have roommates, can you live together comfortably?
Along with affordability, many factors go into choosing the housing option that works best for you. Living in a home environment that matches your needs and your budget can help you thrive. It’s key to aging well.
