For 11.4 percent of the city's residents already in their retirement (Source: California Demographic 2010 Census) and close to 51.5 percent who will be nearing their retirement within a decade, it goes without saying how crucial it is to think and read about senior citizens' housing options, as offered by Foster City. At the same time, it is essential for the City, too, to reassure them that it cares.
Foster City, being one of the nation’s safest cities, currently inhabits 30,567 people (according to the 2010 Census), belonging to all age groups.
Overall, the following are some existing senior citizens' housing options available in Foster City:
- Rental Programs - There are four rental developments - namely Metro Senior Apartments, Foster’s Landing, Marlin Cove and Miramar - all of which provide below-market rate units in Foster City (Source: Fostercity.org). The Pilgrim Triton development is under construction and will include 300 below-market-rate units. Additionally, Metro Senior Apartments reserves all 60 of its units for senior citizens. Plus, there are six below-market-rate units at Emerald Bay, which do not have any waiting list. Anybody interested can contact the local realtor and let the realtor know that they are interested in purchasing one of these units. You need to ensure that your realtor keeps watch on the multiple listings and lets you know when the Below Market Rate (BMR) units come up for resale. The realtor should contact both the Foster City Community Development Agency and the realtor representing the person selling the unit immediately and help out with the purchase.
The following table illustrates the number of units available for each income category.
Foster City Below-Market-Rate Rental Units by Income Category
($) Income Category
Income Category
Very Low Income
Low Income
Moderate Income
Foster's Landing
30
22
22
Metro Senior Apartments
54
6
0
Marlin Cove
56
0
28
Miramar
32
0
16
Pilgrim Triton Phase I (under construction)
15
40
5
Source: Fostercity.org
- Home Share Matching Program - Foster City also offers a home share matching program. The Foster City Community Development Agency, owning eight units reserved for large families (four or more people), contracts with the Human Investment Project (HIP) to administer a Shared Housing Program. It matches, through a careful interview process, those wishing to provide affordable housing in a shared situation with those seeking affordable housing in a shared situation. Both parties benefit with the companionship that this program offers. Plus, homeowners providing housing are benefited by the rental income received and, renters are benefited by a reduced rent amount. Win-Win for both!
Foster City can in the future offer relatively newer concepts of senior citizens' housing options e.g. Village Concept, which enables active seniors to remain in their own homes without having to rely on family and friends. Members of a “village” can access specialized programs and services, such as transportation to the grocery store (e g. The existing Foster City Red and Blue Shuttle Service), home health care, or help with household chores, as well as a network of social activities with other village members. The cost of membership of this concept, available in other cities,varies according to area and the level of services required, but is often in excess of $500 a year.
Seniors also have other options like:
1) Independent living
2) Assisted living
3) Continuing care retirement facility
4) Nursing homes
They can also
1) Rent a room,
2) Rent their home, or
3) Have a reverse mortgage. With this, they can pay off the small remaining mortgage in return for cash through your retirement years.This is helpful for those having a fixed income and those who want to live in their own home. A reverse mortgage is based on the equity they have in your home and, does not require any payments while they are still living in the home.
Additionally, for those seniors who are complete work-alcoholics, nearby stores like Home Depot, Toys R Us and Staples are always on a hunt to hire senior citizens. Internal transportation to and from these companies is available through the Foster City Blue and Red Line Shuttle Service, and the Samtrans Bus Service.
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