Condo and apartment developers in cities nationwide are thinking small in an effort to keep prices low and satisfy Gen Y buyers who are more concerned about location than they are about spacious accommodations.
The more expensive a city, the smaller the new developments. In San Francisco, there are a number of complexes where units range from 250 to 350 square feet. In Vancouver, British Columbia, there is a “micro-loft” building where apartments are 270 square feet.
“For Gen Y, the home is a place to live out of, not to live in,” says John McIlwain, a senior fellow for housing at The Urban Land Institute in Washington D.C. “They don’t think of this as a sacrifice. It’s just their lifestyle.”
Source: MSNBC.com, Jane Hodges
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