Housing Concepts That Are Hit Among Millennials
The millennials — people who attained adulthood during the beginning of the millennium — have a completely different set of priorities. They are much different when we compare their lifestyle with the previous generations. The difference is visible in their choice of homes, too. Millennials are not lured by big houses or spaces that will cost them too much; they look for properties that are small, easy-to-maintain, and most importantly, close to social infrastructure and cultural hubs.
What is popular among them?
This concept started as a revolution in the United States, promoting the idea of mini homes. The concept is now being adopted across the world. Though the concept was designed to provide shelter to the ever-rising global population, it has also gained popularity for offering affordable homes. Compared to the average home size of 2,600 sq ft in the US, these homes are generally built in an area of 100-400 sq ft. The most interesting as well as the challenging part about these homes is the architecture.
This trend is visible in Seattle's Manhattan, which is home to the country's first legal micro-apartments as these are called. While 200-sq-ft apartments are considered to be normal, Manhattan is the new leader in the rising supply of such units. According to a report by The Seattle Times, as many as 780 micro-housing units were ready to be rented last year while another 1,598 units were on their way. These apartments were first seen during 2009, and since then have caught the eye of millennials looking for smaller spaces to dwell in. These apartments became a hit among millennials looking for property on rent were ready to compromise with the space given their strategic location, close to city's cultural hubs.
A recently published report in Business Insider says that the trend of coffin homes is becoming popular in Hong Kong, owing to skyrocketing property prices. According to the report, average property price in Hong Kong stands at $1,380 per square foot. Coffin homes are generally spread across 20-sq-ft and offer you space to sleep and put your belongings.