11 Senior Housing Options For Retirement Living

If you or a loved one have reached an age that requires a new living situation, you’re not alone. By 2050, 22% of the United States population will be 65 years or older, up from 15.6% in 2021.

Key Takeaways:

• Seniors may choose housing with various levels of care, from independent living to nursing homes.
• Housing choices such as continuing care retirement communities offer a flexible living environment that allows seniors to adjust their care levels as their needs change.
• When choosing senior housing, it’s essential to assess medical, financial, and personal needs, seek advice from health care professionals and tour the facilities.

11 Housing Options For Seniors

Each senior housing option provides a different level of care and assistance, along with a sense of community.

1. Independent Living Communities

Independent living communities are best for older adults who can care for themselves but want to hand off some of the responsibilities of owning a home.

“Independent living communities are for seniors who can live on their own but don’t want the hassle of home maintenance,” says Rachel Stringer, a real estate agent at Raleigh Realty in Cary, North Carolina.

Independent living communities generally provide housekeeping, fitness classes, activities, and on-site dining facilities, but they do not offer emergency medical care or assistance with personal care.

2. Accessory Dwelling Units

Accessory dwelling units, often called in-law suites, are independent living spaces connected or adjacent to a primary home. This allows seniors to live close to family members but still have their own living space.

“Their advantage is closeness to family for support, but there can be zoning restrictions or expensive construction costs associated with ADUs,” says Brandon Blakeley, co-founder of Mirador Living, based in Falls Church, Virginia.

3. Co-Housing

Co-housing is a shared living arrangement where residents have private units but also share communal spaces such as kitchens and gardens.

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4. House Sharing

House sharing is when seniors live in one home to split costs and enjoy companionship.

“This happens to be one of the most affordable options and a potential solution for individualized loneliness,” says Blakeley. “But compatibility among housemates is of utmost importance, and conflicts may arise if expectations are not clearly defined.”

5. Continuing Care Retirement Community 

These communities typically are in facilities that provide different care levels, making it easy to transition to assisted living. This is ideal for seniors who wish to stay in one community as their need for assistance progresses. The cost of services depends on how much care is required.

6. Downsizing

Downsizing means selling your home and renting or buying a smaller and more manageable home.

“Downsizing to a smaller home or senior-friendly community can lower expenses and make life easier,” says Stringer. “However, it can be hard to leave a longtime family home and adjust to less space.”

7. Nursing Homes

Nursing homes or skilled nursing facilities are for those who require around-the-clock care. Nursing homes focus on maintaining the residents’ health rather than supporting an active lifestyle.

8. Assisted-Living Residences

An assisted-living residence is a good option for older adults who need daily assistance but don’t require medical care. There’s on-site emergency medical assistance and daily assistance with tasks such as bathing and dressing. Assisted living residences often provide common areas, fitness centers and an arts space.

9. Reverse Mortgages

A reverse mortgage allows homeowners 62 or older to turn their home equity into cash. The amount of cash you receive from your reverse mortgage reduces your equity and increases the amount owed. Unlike traditional loans, no monthly payments are required as long as you live in your home. You must pay property taxes, homeowners insurance and maintenance costs. The loan is repaid – often by selling the home – when you no longer live in the home.

10. In-Home Senior Care

In-home senior care can include various services, depending on how much aid you require. These services can be customized for your specific needs but don’t include serious medical care.

11. 55 And Older Community

Communities for people 55 and older cater to seniors who enjoy an active lifestyle. Also known as active adult communities, they often provide amenities such as dining, shopping and leisure activities.

How To Choose Senior Housing

There are several considerations to think through when you’re deciding which type of senior living is right for you.

List Your Needs

Compile a list of your physical and medical needs. This can also include housekeeping and personal needs.

Questions To Ask Your Doctor

Before deciding on a type of senior living, you should ask your doctor what they recommend regarding your medical needs. 

Setting A Budget

Evaluate what type of care facility or community you can afford and whether it’ll be short-term or long-term residency.

Consider Using Your Home Equity

One surefire way to help pay for your next home or living facility is to leverage your home equity by selling your home or taking out a reverse mortgage. “However, this decision to use your home’s equity requires careful planning to avoid financial pitfalls,” Blakeley says.

Talk With Family and Friends

While consulting with a knowledgeable financial planner or retirement expert is recommended, it’s also wise to discuss your options with relatives and friends. “Their input will help ensure that your decision fits your personal and emotional needs,” Drake says.

Tour The Facilities

Schedule a tour of the senior housing you’re interested in. Learn what types of care and activities they offer, how well you see yourself living in the housing, and what joining the community will be like.

Read The Housing Contract

Review the housing contract thoroughly once you’ve found a senior housing community you like. You may want to review it with a family member or lawyer to make sure you fully understand the financial details and requirements.

The Bottom Line

Whether you’re renting or buying a home in a 55 and older community or transitioning to assisted living care, take your time evaluating the options available. If you live a more active lifestyle, an independent retirement community or a 55-plus community are worth considering. If you need both your medical and personal needs met daily, a skilled nursing facility or an assisted living community would be appropriate for your lifestyle.

More From Quicken Loans:

• Home Loans For Seniors: Everything You Need To Know
• How To Qualify For A Mortgage With Social Security Income
• Finding Accessible Housing: A Guide For Renters And Buyers
• What Is Co-Housing? A Nontraditional Living Experience

Victoria Araj contributed to the reporting of this article.

Erik J. Martin

Erik J. Martin is a graduate of Loyola University Chicago and a freelance writer whose articles have been featured in AARP: The Magazine, Reader's Digest, The Costco Connection, The Chicago Tribune, Los Angeles Times and other publications. He often writes on topics related to real estate, personal finance, technology, health care, insurance and entertainment. He also publishes several blogs, including Martinspiration.com and Cineversegroup.com, and hosts the Cineversary podcast.

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