Millennials buying Tiny Homes to help ease debt

Posted at 5:48 PM, Feb 16, 2016
and last updated 2016-02-16 18:48:00-05

With debt and underemployment at an all time high, Millennials are down sizing and looking for new ways to save money.

According to U.S. News and World Report, one of the largest financial concerns for Americans between the ages of 18 and 34 is buying a home.

Nearly 30 percent of the 74 million Millennials that make up the U.S. population  believe they cannot gather funds in order to purchase a home based on student loan debt and other day-to-day expenses.

However, a new fad sweeping the Midwest may help turn the tide for young home owners.

Tiny Homes are large storage unite like structures that posses all of the needs and accessories of a traditional home and they have the mobility to move anywhere.

Tiny Homes can be used as hunting cabins, lake houses, or separate guest homes for traditional home owners.

Tulsa Customs Building Salesman, Kyle Bayles, says people are beginning to buy Tiny Homes for all kinds of uses.

“Right now the most popular thing for me has probably been in-law suits. People that want to have their family over, but not too close. Just close enough to where they can be in contact, but still have their own privacy,” Bayles said.

The price of Tiny Homes can start as low as $2,200 and go up to $70,000 with payments ranging from $300.00 to $400.00 per-month.

Many structures are equipped with air-conditioning and heat units that range up to 900 square feet, more than twice the size of a Tiny Home.

Although Tiny Homes happen to be very popular at the moment, Bayles says the future of the business it still unclear.

“They are in the NADA right now which kind of shows the profit margin, things like that, the resale value, but being such a new market I haven't had anyone try and sell one yet. I'm sure it will happen eventually,” Bayles said.