There’s currently less than 1 in 5 households made of a typical nuclear married-with-children family. This is changing the landscape of how and where people want to live. Here are some trends for housing that goes outside the standard home ownership we’re used to seeing:
Single-Family Rental Homes
The number of Americans living in rentals over the past 10 years has significantly increased – by almost 37%! It’s the fastest growing housing segment, and most of that growth was comprised of single-family homes. This demand has led to more and more companies building with the intent to rent, which presents a ton of opportunity to innovate beyond the standard high-rise apartment. This includes detached-for-rent, gated neighborhoods of smaller rentals, luxury community living, and linear-style 1-2 story apartments that are built horizontally, instead of vertically.
With the growth in diverse ethnic populations, aging boomers needing care, and just plain affordability, multi-generational family living is on the rise. Thus, many builders are constructing homes designed with floor plans that fit the unique needs of multi-generational families living together. Homes like this tend to offer more bedrooms with attached bathrooms for privacy, separate living suites, and larger common spaces. Overall, flexible-use space is a huge advantage, to accommodate the family as their dynamics and interests evolve.
Co-living takes the advantages of multi-generational living to a higher level. Instead of separate self-contained apartments, these co-living properties usually house multiple smaller bedrooms with shared living and bathroom space. They might also offer a gym, library, and even a spa – right there onsite. This is particularly popular for the Millennial generation, who currently prioritize the affordability and social interaction that co-living spaces provide. This has made many modern co-living properties more of a hipster, rather than hippy, environment.
Smaller homes like this are usually under 750 square feet, and there are now so many different and attractive options available! This has contributed to their recent popularity, along with a movement for living more simply and sustainably. Some people mistakenly think that tiny houses cost significantly less, but that’s not always the case. As with any home, costs are largely driven by building material costs – even though there is the reduced space cost – so the cost per square footage is usually higher. With the savings from space required, however, higher grade materials may be more affordable within a budget. In addition, local laws and codes vary, so depending upon the property, not all tiny homes are legal as a permanent primary residence.
Trailers and Traveling Homes
Our working life has changed, with more and more people working remotely from home offices or as independent freelancers. This has inspired many families to seek the freedom of living in an RV or other trailer while traveling around the country. This new demand has increased construction of pullable tiny homes, which require a completely different approach to building. Smaller sized, lighter weight materials are needed for easier haul and efficient living.
If you’re looking to take on a project in one of these growing housing trends, and you need to expand your staff to do it, call us at Madden and we can help you find the team to hire.