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Builders create options for senior citizens who are moving

January 13, 2010 - Some construction companies are catering to the needs of the over-50 real estate market by creating new housing options for senior citizens.

Due to economic turbulence, many individuals - particularly those who are nearing the age of retirement - are unable to afford a typical 2,400 square-foot home, HeraldNet reports.

Consequently, some builders are considering creating smaller models that appeal to mature potential homebuyers.

Brian Gentry, a representative from Gentry Landed Homes in Skagit County, Washington, told the media outlet that the "1,200 square-foot home…could become more of a mainstream product."

Housing professionals are also catering to the senior market by purchasing foreclosed properties to lower prices and installing energy-efficient appliances that could lower utility bills.

Senior citizens who are looking for rental homes may also find assistance, as Congress recently increased the amount of housing aid available to older persons, the New York Times reports.

Funding for the Section 202 program, which provides grants and rental assistance to seniors, received its first funding increase since 2004 last fall.

Program participants typically pay no more than 30 percent of their income for housing, according to the media outlet.

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