Buckhead is one of the wealthiest neighborhoods in Atlanta, Georgia, with numerous homes costing more than a million dollars and even “affordable” homes well out of reach for most residents. Despite the high costs, Buckhead is one of the most attractive neighborhoods in Atlanta, offering fine dining, exceptional shopping, low crime, beautiful neighborhoods, and plenty to do. If you’re a senior Buckhead resident, you might wonder how you’ll afford a retirement in this great community. Both senior living and low-cost housing offer viable options. But which is right for you? Here’s what you need to know as you weigh your options.
What Is Senior Housing?
Senior housing, sometimes called senior living, is housing that caters exclusively to seniors. You’ll live among other seniors, usually in an apartment or condo. High-quality senior housing communities, especially in Buckhead, offer an enviable range of amenities, including:
- Daily activities such as classes and exercise groups.
- Well-landscaped grounds and beautiful homes.
- Gourmet meals, a beautiful dining area, and nutritional support.
- Special events such as live music.
- Community trips such as outings to see the Atlanta Symphony Orchestra.
- Supportive staff who can help you plan your day, manage daily challenges, or offer tips on how to enjoy all that Buckhead has to offer.
What Is Low-Income Housing?
Low-income housing is fixed-price housing that caters to people of low incomes of all ages and backgrounds. Low-income housing has to be approved by the U.S. Department of Housing and Urban Development (HUD). In some cases, an entire neighborhood or community offers low-income housing. In other cases, there are only a few units available at affordable rates. In most cases, you’ll get a Section 8 voucher that can pay for your home or apartment. In some cases, eligibility for Section 8 may also mean that you are eligible for other services, but those services are not typically included in your housing.
Unlike senior housing, anyone who meets the income requirements can get into low-income housing. Some residents there may be wonderful, but others might not be. Moreover, low-income housing is just housing—not an all-in-one option. And because it doesn’t cater exclusively to seniors, living there can make it more difficult to remain active and make friends. Buckhead is notorious for its lack of affordable housing, so if you are considering low-income housing, be aware that you may have difficulty finding it.
Pricing for Senior vs. Low-Income Housing
Many seniors consider low-income housing because they think they can’t afford senior living. But senior living may be more affordable than you think. Because it offers everything—food, entertainment, and more—under one price tag, you may save money. And if you own your home, selling your home can help you afford luxury senior living. To compare the costs of senior living to remaining at home, try our free cost-comparison tool.
Numerous programs may also help you fund senior living, especially if you need assisted living or long-term care. Medicaid will fund many senior living communities, as will most long-term care insurance programs. Some life insurance policies can be sold to help fund senior living, and a handful of veterans benefits programs (if applicable) may also help. We offer more tips for affording senior living here.
Making the Decision
Before deciding where you want to live, consider what you need. Do you want daily help, access to more activities, and an end to the loneliness of living at home? Might you need some help with meal preparation? If so, then senior living is a great bet. In fact, senior living is almost always the better bet for seniors. The only exception to this rule is when a senior is fully independent, does not want to change anything about their daily life, and has access to quality low-income housing.
Renaissance on Peachtree offers unparalleled luxury in a safe, inviting community. We cater to seniors who want the best of what Buckhead has to offer. The Arbor Company has served seniors for 30 years, and our unparalleled experience equips us to support seniors of all ages, personalities, and ability levels. We would love to help you shape the retirement of your dreams. Give us a call or stop by one of our special events to learn more!