WASHINGTON, D.C. - The Federal Housing Administration announced today a bit of hope for the Millennial generation. In general, Generation Y has been left "out in the cold" when it comes to home buying, mostly due to a dismal employment outlook, high student loan debt, and credit issues. That is, until now.
Cliff Shortson, spokesman for the FHA, told a press conference, "We think we have solved the housing issue for the younger generation. We will be offering a new loan, called a 'TTH', starting in June, 2014. 'TTH' stands for 'Teeny Tiny Home', which is a home with a square footage that ranges from 117 to 874 square feet. Since the home is so small, the loan for it is much more affordable, and if need be, the teeny tiny house will fit in your parents' back yards!"
The teeny tiny home concept really isn't new. Many urbanites in New York City have been living in confined spaces, called apartments, for years. Some of the apartments are as small as 78 sq. ft., although the average Manhattan studio or one bedroom apartment is 400 sq. ft.
In the past 15 years, a small home movement has motivated a steady increase in teeny tiny home construction, mostly self-builds, across the nation. Many of them, referred to as "park models", are built on trailers, so Millennials can easily move them around the U.S. as they endlessly search for jobs.
One 35 year old, Kelsey Chalmers, of Sabastopol, California, explains how she and some friends built her a tiny mobile home for $3500 in a couple of weeks, "We used salvaged materials from all the older, out-dated mini-mansions that are being torn down around here. I also found useful things that have been stored in the garages of my parents and their friends for over 25 years, plus hit the secondhand stores and the garbage dump. It's all good!"
Concluded Wittimeyer, "We hope Generation Y takes advantage of this government program. Just because the Baby Boomers' average single family house size grew from 1,780 square feet in 1978 to 2,479 square feet in 2007, doesn't mean your generation needs to follow suit. The American dream of owning your own home is still possible!"
