Why millennials are choosing tiny homes

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Although the internet might hate millennials and their avocado on toast eating ways, there is definitely an argument to say that they get a bit of a raw deal, especially with regard to property.

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With soaring housing costs, it is not overly surprising that many millennials are considering alternative options for housing. Tiny homes can offer the potential for a practical young professional to get their feet on the property ladder without risking all their capital in a potentially turbulent market.

Capital

The first and most straightforward reason millennials consider tiny home alternatives is cost. With astronomical rent, utility bills and debt, many young people simply are not able to afford to buy a house.

Student loans and bad credit

Studies show that millennials have more student debt than any other generation, with statistics putting the total at around a staggering $1.5tn! With commitments to repay these debts, many struggle to save enough to buy a property.

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Poor early financial management and debt can cause many young people to experience poor credit ratings, putting owning a property further out of reach. Even renting can be a challenge if your credit is poor.

Risk

Even if a young professional can save enough to buy a house, some are looking at older generations as a cautionary tale. Despite property historically being seen as a stable investment, the Great Recession meant that some millennials are not comfortable putting all their equity into a single purchase.

Environment

Millennials are often seen as the eco-generation. As tiny houses have a tiny carbon footprint, they are increasing in popularity as a more eco-friendly way of life.

Freedom

It is great to have a place to call your own, but one that can move can appeal to free-spirited millennials who are not quite ready to settle down. For those who and want a more static home, park homes Gloucester offer the benefits of a small home and the stability of a permanent structure. Specialists such as http://www.parkhomelife.com/ can provide more information on the benefits of park homes.

Minimalism

Minimalism is cool. Tiny homes offer a chance to go through your possessions, ruthlessly only keeping things that bring joy. Minimalist styles and furnishings are hugely popular at the moment, so having a cool, clean look is attractive to image-conscious millennials.

 

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