If Boomers begot the condo, and Gen X'ers (and okay, boomers too) created the McMansion, what, pray tell, are the Milliennails to invent? How about the homelet (an omelet with an h becomes a place to live—quick, let's get a trademark on that!). Millennials might make tiny homes even bigger in the years to come, not in terms of square footage says Kristian Castro in a contributed post for Fusion, but in popularity. Many younger buyers are looking for affordable housing options early on and often can't afford high rent prices or even entry-level homes and their down payments. Prices have skyrocketed in many major metros and the number of starter homes on the market has decreased about 44% in just the last four years.
It's not news that micro-unit housing and mobile tiny homes are growing in popularity across the nation. The small housing structures are just big enough for the essentials and feel like a studio apartment, but with many added benefits, like an inexpensive mortgage and flexible lifestyle. Castro writes:
Research has also shown that millennials gravitate to places that offer urban amenities and reduce the need for a personal vehicle—both of which tiny home communities can offer. Flexibility is another potential plus: tiny houses can be built on wheels and moved down the street, usually without a permit. With young adults increasingly moving from city to city, getting tied down to a 30-year mortgage on a traditional home may not appeal to a modern, mobile lifestyle. So are tiny homes the answer to millennial home ownership? That has yet to be proven. One thing we can say is that tiny homes are filling a void in a housing market that hasn’t been kind to young people, or the poor.