Let's face it: we've all seen the growing trend lately for "tiny houses" whether we're reading an article in our newsfeeds or watching a home improvement show. And now, this trend has moved into another type of housing: tiny condos. According to Diana Olick of NBC News, developers are finding ways to make homeownership possible for millennials, which, in many cases, means making homes smaller, particularly those in urban areas. As Olick writes, "in downtown Washington, D.C., as in other major cities, the tiny condo movement is moving quickly into the mainstream." Case in point? The article outlines one D.C. neighborhood, in which one of these tiny condo buildings has sold about 70 percent of its units at "a price point of just $275,000, about half the neighborhood's median price."
While many of the buyers that have purchased condos in this building are first-timers, Olick says the smaller price tag does come at some cost: "the building also doesn't have as many amenities as some of the more expensive buildings downtown. No pool. No fitness center. But no sky-high condo fee, either. It is all about keeping the price down and the sales up."
It will be interesting to follow this trend, which aims to help more millennials unlock the benefits of #NoPlaceLikeOwn.