Millennials are approaching the point of never reaching the same level of success Generation X and Baby Boomers were able to attain. Pursuing higher education during the worst financial downturn since the great depression surely did not do any favors. Combine this with the ever-rising amount of student loan debt and millennials are unable to afford even the fundamental aspects of the American dream. Instead of purchasing homes, many millennials are either renting indefinitely or choosing completely new alternatives. For those in the field of architecture, architectural planning services have had to adjust the approach taken for these adults. With the American dream falling short for these individuals, many millennials now live in tiny homes.
Repeating Past Mistakes
Many millennials observed parents losing everything during the great recession and fear the same fate awaits them. With this said, this generation has a negative association with the housing market as this recession did not occur that long ago. Recent reports have also indicated that similar behavior has begun to happen in this sector again and could quickly put the real estate market on shaky ground once more. Purchasing a home is looked at as an anchor by many of these people and is something they will most likely forgo for the duration of life.
Paying off Debt
Higher education has received a lot of scrutiny lately due to the increasing costs and questionable payoffs for this pursuit. When the college was affordable for the average American, purchasing a home after receiving your first job was seen as a right of passage. This achievement personified the American dream and made young adults feel like anything was possible. For the young adults of today, many of them are bogged down by too much student debt to begin investing in an uncertain future. If you are a millennial who is struggling to make ends meet, a tiny home is certainly worth taking a shot.
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