Gentrification is forcing some senior citizens out of their long-time neighborhoods because it’s too expensive to stay there. Even with house values falling, many older people say they can’t avoid the price of homes in certain communities.

In some cases, they move in with family or end up moving to low-income housing for senior citizens. Others may have to relocate to a completely different town.

The American Association of Homes and Services for the Aging (AAHSA) told AARP that since 1993 there has been a 30% jump in nonprofits developing low-income housing for seniors. In some cases the low-income housing developments allow seniors to stay in communities where gentrification has occurred.

Gentrification often means that home values and property taxes rise, and rents also start to increase. Even in this depressed housing market many seniors are unable to afford homes at current values. Also, more expensive restaurants, cafes, and shops may replace establishments that were more affordable to people on a fixed income.

If you’re having trouble staying in your home because of a similar situation, you may want to consider a few things:

• If you have a lot of equity in your home, look into whether or not a reverse mortgage will help you stay there.
• Contact your local government to find out if you qualify for any property tax relief for senior citizens.
• If you live alone, investigate the possibility of taking in a roommate to help with expenses.

Always be on the lookout for special services and discounts offered to senior citizens to help cut your bills. If you aren’t currently working, consider finding a part-time job to earn more income.

This entry was posted on Wednesday, December 3rd, 2008 at 4:39 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.