Ubercool Innovation® Trend Forecaster Michael Tchong Predicts: Small Homes the Future of Real Estate
43% of Baby Boomers prefer living in smaller home, presaging major shift
LAS VEGAS, April 10, 2018 (Newswire.com) - For three decades now, real estate developers have been focused on building large homes with an average size of more than 2,000 square feet. Growing media coverage of "tiny houses," however, has convinced many Americans that living in smaller homes is not only feasible but financially attractive as well. These changing values, combined with a confluent downsizing trend, particularly among baby boomers, will significantly expand the market for smaller homes in the near future.
"We're not talking about 'tiny homes' here," notes Ubercool Innovation Trend Forecaster Michael Tchong. "The sweet spot for small homes is 600 to 1,000 square feet, not the extremely small footprints of tiny houses, which generally range from 60 to 400 square feet. For most people, tiny homes are simply impractical for long-term living," adds Tchong.
The sweet spot for small homes is 600 to 1,000 square feet, not the extremely small footprints of tiny houses, which generally range from 60 to 400 square feet. For most people, tiny homes are simply impractical for long-term living.
Michael Tchong, Trend Forecaster, Author, Motivational Speaker, and Founder of Ubercool Innovation LLC
The first example of the future of real estate development was announced by the city of Tempe, Ariz., which plans to build 12 loft-like, one-bedroom homes with a footprint of 600 square feet. The developer of these small homes, Newtown Community Development Corp., expects to break ground in spring 2019.
"Expect to see many more developments like Tempe's in the future," says Tchong. "For the very simple reason that while homes have grown markedly in size, the average U.S. household size has declined from 3.0 persons in 1973 to 2.5 today. At the same time, the average U.S. home has gone from under 1,700 square feet to 2,598 — equivalent to a doubling in square feet per person in 40-plus years."
Building more affordable homes will also be welcomed by a market that is straining under a shortage of starter homes.
About Ubercool Innovation
Ubercool Innovation LLC is a thought-leading innovation incubator founded by author, entrepreneur, adjunct professor, and motivational speaker Michael Tchong. Think of Ubercool Innovation as a "do tank" — it doesn't merely talk innovation, it practices what it preaches. Michael addresses audiences globally with insights on emerging trends and innovations. He is a four-time entrepreneur and the founder of ICONOCAST, CyberAtlas, Atelier Systems and MacWEEK. For more information, call 800-WAY-COOL (international: 415-335-7615) or visit https://ubercool.com.
Source: Ubercool Innovation