In a nation full of college graduates housing prices are just too high
Struggling to find a job, it seems fruitless that they would be able to buy a home and afford a mortgage on top of the massive student debt burdens they carry. These millennials are starting to feel the effects of an economy still recovering while trying to begin careers and grow families. So what is a newly married millennial supposed to do when they want to start their life, but cannot afford a new house? They buy a condo, and a very small one at that.
Small Condos are the Perfect Solution for Those Looking to Start Their Adult Lives
Smaller condos are becoming more and more popular for singles or couples looking to start their adult lives. In Washington DC and across the nation, larger cities are discovering who their small condo demographic is. Millennial home buyers are jumpstarting stagnant real estate markets and decreasing supply by focusing on tiny spaces with affordable price tags.
Particularly in Washington DC, the neighborhoods where these smaller condos are being built and sold, you can buy one for half the price of a house found in that same area. This is more enticing to the Millennials and not nearly as much of a concern as it would be for more traditional generations. Tiny is becoming the new normal for today’s first-time home buyers. Financially it makes sense for these young homeowners to buy small place as opposed to renting big. Through smaller living spaces, Millennials are innovating ways to purchase homes while balancing the financial demands of work, family, and existing debt.
The Adams Morgan condo project in Washington DC is looking to solve the problem of not enough places for millennials to buy. The building is looking to fill a niche that is needed in the city. The tiny studio condos are only around 300 square feet, and while they may not be spacious, they are helping the young buyers get their own home and start their lives. Beds are built into couches saving space and every square foot is maximized with a focus on efficiency. While the building may be lacking in special amenities, the residents will not need to pay a higher condo fee either. It is all about compromise and these condos are able to give the Millennials a great starter home, for much less than they could have found before.
Contact Gene Mock, Associate Broker, Premier Team ~ Keller Williams Realty
Millennials go Minimal with Small Washington DC Condos