Fundamentally, housing options include the following:

• Own a home
• Rent a home
• Live in the home of a family or friend
• Live in a group setting
• Live in a nursing home

General Questions and Advice

As you begin considering your housing options, ask yourself these general questions.  They may help narrow your choices very quickly or simply clarify nuances. 

• What kind of lifestyle do I want? What will my living conditions be like? 
• How important is my preference of location (whether choosing a neighborhood, facility or reagion of the country in which to live)?
• How close would I like to be to family, friends, doctors, medical facilities, shopping, senior centers, religious facilities, and other amenities? 
• Does my current health status require that I look for features that will help me move about more comfortably? 
• How much will the housing option cost? 
• What, if any, in-home support services will I receive for my money? 
• Am I eligible for any publicly-funded or subsidized services, such as Medicare or Medicaid? 
• Have I involved family members and friends in my decision-making, as appropriate? 
• What role will others have in making these decisions? 
• Have you spoken to an attorney who understands elderlaw about legal and money matters related to your housing and care options?.

Whatever the housing decision, the best choice is the one that ensures that all health, social and financial needs are met, and that legal rights are protected.

Understand the Terminology

The terms for senior housing options, real estate, mortgages and other financial instruments, working with movers, etc, can be confusing.  It is likely that you simply are not familiar with much of the language and “industry lingo” that you will be exposed to.  Also, in some cases, no standard “vocabulary” exists. 

An example is the term “assisted living.” There is not a standard definition for this term.  In some states, where assisted living is not licensed or regulated, the term may be used very loosely.  Facilities in these states may not provide the services generally associated with assisted living.  In other states, the term is used to describe a specific type of housing option.  If you are investigating housing options, make sure you confirm all the features and services offered by a provider.

Visit Glossaries and Frequently Used Terms and print any of the sections needed.

Pro's and Con's of Key Options

Owning a Home

This may include single family homes, condominiums, cooperatives and manufactured or mobile homes.  When in their own homes, many older adults live independently. Also, homeowners may obtain in-home support services and community services to support their continued independence.

Many older adults want to stay in the homes where they have lived for many years. For others, downsizing to a smaller home is an alternative.  Active adult communities and retirement communities are increasingly an option.  While remaining in one’s own home may be highly desirable for older adults, the wisdom of doing so depends on making certain that health, social and financial needs are met.

Possible Benefits of owning your home:

• Staying close to family, friends and neighbors
• The comfort and familiarity of existing social networks, neighborhood and community
• The privacy of your own home. 
• Maintaining an existing financial asset (and perhaps your largest)
• You may want to purchase a home in a community with others in your age range and that offers activities and amenities to serve your needs and interests

Challenges of owning your home:

• The responsibility for the home’s physical maintenance and upkeep.
• It may need modifications to make it possible to live in comfortably and safely.
• Social isolation
• Potential need for support services and home healthcare or monitoring
• Potential financial burden if on a fixed or limited income.