Good Things in Small Packages
Downsizing is a popular trend manifesting right now in millennials' and baby boomers' penchant for smaller and alternative homes. Retirees downsizing may look to purchase a smaller home with the equity in their existing homes. Budget-conscious millennials look to smaller homes for affordability. With the two largest segments of the population driving this trend, it's likely it will be around for quite a while. Both groups are looking at smaller, more affordable housing for new chapters in their lives.
Smaller homes are greener homes
In addition to the fact that smaller homes are usually less expensive than larger homes, they also require less energy. Smaller green homes are popular for many reasons including energy efficiency and lower utility bills.
Paying down debt
One of the primary reasons to downsize is economics. Having less debt is appealing and very liberating. Millennials, many of whom are burdened with student loan payments and lower wages, may find it easier to qualify to purchase a smaller home that is less expensive. That's helpful when trying to dig one's way out of student loan debt. With high density urban planning comes design-savvy multi-functional furniture being developed for smaller homes. Another upside of a smaller home is the greater affordability of high-end finishes and design.
Decluttering
The hard part is decluttering, but how many extra rooms filled with things does one need to be happy? Smaller homes require fewer furnishings, meaning less money spent on extra things for which there is no space. Retirees also look for smaller homes with an eye to less maintenance, and this is interesting to millennials as well. Many people are rethinking the bigger-is-better maxim.
A smaller home with little or no mortgage, efficient design and organization, ecologically friendly, with low maintenance, and lower power costs, proves that good things do come in small packages.
Home Price Round-up
<<LOW
Address: 541 SE Centennial Ct., Bend, OR 97702
3 beds, 1 bath, 1116 square feet,
.12 acre lot | Built in 2005
$215,000
Listed by John L Scott Bend
MID>>
Address: 20482 SE Elijah Ct., Bend, OR 97702
3 beds, 2.50 baths, 1884 square feet,
.13 acre lot | Built in 2016
$336,900
Listed by Coldwell Banker Morris Real Estate
<<HIGH
Address: 2176 NW Lolo Dr, Bend, OR 97701
4 beds, 3.5 baths, 2722 square feet,
.34 acre lot | Built in 2012
$789,000
Listed by Windermere Central Oregon Real Estate
Photos and listing info from Central Oregon Multiple Listing Service
