As millennials are venturing into the real world and out of their parents basements, they have to make the decision on where they will call home. With the average cost of living in metropolitan cities on the rise and rent costs skyrocketing many millennials view micro condo living as a step in the right direction. Of course paying $1000 a month for 200 square feet of property may seem preposterous, many New Yorkers call it rent.
The main attraction to this way of living has a lot to do with the fact that the amount of single person households have risen 17 percent since 1970, according to the Census Bureau. Another key aspect to the growing trend in miscounts is location. Developers have been building more micro-units apartments in metropolitan areas like Seattle, New York, Boston and Toronto. For people who are young, single and on the move, square footage is the last thing on their mind.
Living in a city where you are able to walk, bike or take public transportation is more of a driving force in what millennials are looking for rather than spacious living. Living in a big city has added bonuses to it, like access to nightlife, restaurants and shopping right outside their door. Living in micro units allows millennials to live a more minimalistic lifestyle and reduce their carbon footprint — or maybe housing is just not affordable in your desired location, like in San Fransisco where the average price of a home just hit the $1 million mark.
Affordability is always going to factor heavily on the decision making process, and that is why so many millennials are drawn to microunits instead of opting to purchase a home. Most microunits come with WiFi included in the price of rent, plus electricity and water will be lower considering less is used in the home.
You can also take into account that you can’t accumulate as much stuff because of your smaller space, and you may actually make money if you decide to downsize by selling your unwanted furniture.
There are drawbacks to these small units, like sharing a kitchen and common area with the rest of the building. The lack of space to fit everything you need to survive can get tricky but that comes coupled with the convenience of being centrally located.
Overall the push for more affordable housing options has truly helped to launch the concept of microunits. As long as they remain at an affordable price point millennials will continue to move in.
SOURCES:
http://www.census.gov/prod/2013pubs/p20-570.pdf
http://www.huffingtonpost.com/2013/05/29/san-francisco-median-home-price_n_3356238.html
