With the decreasing value of homes comes a decreasing demand for large spaces. Homes have long been an investment for the American people to build their wealth. But the 2008 housing bubble crash quickly killed that dream for many people across the country. If people can’t afford large homes, and they can’t make money off of them, then why would you want one at all?
This is the question that people–including young people with outstanding student loans or elderly people who simply want to downsize their lives–are asking themselves. Tiny homes could be the answer to that question. The Tiny House movement has been picking up a lot of traction over the past decade–but could it also possibly be a solution for those in poverty?
The average cost of a tiny home can range anywhere from $15K to $80K, which may seem like a lot, but compare that to the almost $189K average cost of homes in the US. This could be a much more affordable alternative, though it does come with some downsides:
The biggest issues to note are probably the size of the home and where you can keep it. Many people have a very hard time adjusting to a tiny home, especially if a family is comprised of more than two people. It is important to figure out how much space you will need. It is estimated that a home must have 100 sq. ft per person, which will increase the price of these homes. It is also very difficult to find a place to keep these homes, because in general one needs to find a tiny home community to live in.
Since many of those in poverty have households of more than two people and live in urban environments with fairly strict zoning laws, what kind of solution could I possibly propose?
I think that we need to build more tiny home communities for people to live in. Large plots of land can be purchased and rented out for families to live in. Since tiny homes use less power and space, anyone who owns one could save a lot of money. And for those who can not afford to build a home, perhaps we could treat these costs the same way we do Affordable Housing, in which people under a certain income bracket will only have to pay 30% of the costs for a home that meets the needs of their family. It’s true that those standards for what a family needs would have to be defined, it could potentially be the solution that we have been looking for.
By Nicholas Evangelista