How Much Home Can You Afford? Printing Tiny Homes For New Owners

Posted: Jun 4 2018, 1:34am CDT | by , Updated: May 16 2019, 8:37am CDT, in Technology News

 

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How Much Home Can You Afford? Printing Tiny Homes For New Owners

Beyond Savings: How 3D Printing Is Boosting The Housing Market

As of December 2016, 65% of Australians and 64% of Americans owned their own homes, compared to 90% of those in China, which raises the question – why is there such a large gap? The simplest explanation is that many in Australia and the United States just can’t afford to take the first steps toward homeownership, including saving for a deposit or qualifying for a mortgage. Since homeownership is often the most important step towards middle-class stability, exclusion from the system can be especially consequential.

If countries like the US, Australia, and even New Zealand, Japan, and Germany, where homeownership rates are low, want to help their citizens enter this marketplace, new technology might provide an answer. Have you seen the offers on CouponsMonk? In particular, 3D printing may provide an affordable entry point, without pushing first-time buyers into “too much home.”

How Much Home?

One of the first questions every prospective homeowner should ask is just “how much home” they need. Since the last few decades have seen a decline in childbearing, many of the homes on the market are too large for new buyers’ needs – too many bedrooms, too much property.

Before looking at any homes, then, buyers should calculate not just how much property they can afford in a given location, but also how much they actually need. There’s no reason to save up for an overly large property because that’s what predominates if that doesn’t meet your needs as a buyer.

Money Troubles

Another reason many prospective homeowners struggle to get into the market is because of their preexisting debt. Whether it’s student loans or excessive credit card use, paying down outstanding debts can make new owners better candidates. With less debt, potential buyers will qualify for better home loans.

It’s when paying down debt isn’t enough to get potential homeowners ready to buy that 3D printing enters the picture in G20 countries like the US and Australia. And though it’s much easier to imagine printing small items like bowls or art, or household items such as lightweight furniture, today the technology has advanced to the point where we really can 3D print a full-size home.

The Printing Revolution

One of the greatest advantages of 3D printing homes is the cost. Even those who don’t qualify for a quality home loan can often afford an attractive printed home, such as the 400 sq ft home from Apis Core, which can be printed in 24 hours at a cost of about $10,000. In most American cities, at least, $10,000 a year won’t get you much more than a closet in a major city, never mind any sort of permanent residence.

Another 3D printing company, ICON, has devised a simple 800 sq ft home, costing between $4,000 and $10,000, which can be produced in under 12 hours, including finished plumbing and furnishings. Though many of these companies hope to close the housing gap in developing counties, they also have a significant appeal in wealthier regions. For young buyers who don’t need large homes – and certainly can’t afford them – these homes are a perfect compromise. They can also be organized into small communities, helping groups to sustain social ties.

Small homes are just enough property for shrinking families, and 3D printed ones are especially pragmatic. As we develop these technologies for impoverished areas, it’s important to consider how they can contribute to wealthier regions’ stability as well. Young people are pouring too much money that they don’t have into rental properties – and 3D printing is as much a financial solution as a material one.

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The Author

<a href="/latest_stories/all/all/68" rel="author">Larry Alton</a>
Larry is an independent business consultant specializing in tech, social media trends, business, and entrepreneurship. Follow him on Twitter and LinkedIn.

 

 

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