The red-hot housing market has made it difficult for adults, especially Millennials and single families, to afford decent accommodations. With the increasingly popular tiny home movement, it's become clear that this appealing lifestyle trend is turning into a viable solution to the looming housing crisis for some, according to Matt Davis of Big Think.
Davis explains, "In 70 percent of the U.S., the average worker can't afford a home, one-third of adults are a $400 bill away from financial difficulty, and a quarter has no retirement savings whatsoever. Under these conditions, downsizing may be the only viable method to survive."
It's not all good, however. Davis adds, however, "As the movement continues to build up steam, one has to wonder whether it's a housing crisis solution with a new coat of paint."
With adults looking for affordable solutions to homeownership, many have looked passed on the supposed "need" for larger living spaces and are reconsidering by focusing on what one needs to live "comfortably," Davis observes. Also, retirees who have lost their savings due to the Great Recession have found relief in this housing solution, Davis reports. The saying "less is more" is not only linked to design aesthetics and conscious living but, in America today, to economic survival.
2 Comments
Too bad most of these tiny homes cost around $400 a sq ft, have no resale value, gain no equity, and thus no bank will lend to build one. If you have no savings and are a $400 bill away from financial difficulty then spending $48K on a 120 sq ft tiny home isn't a remote possibility regardless of the housing market.
"Red Hot" housing market is a complete fabrication. Manipulated markets for maximum ROI explain everything you need to know.
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