We know that micro-apartments are all the rage. They're usually in the Seaport District for people too restless to lounge at home for an extended period of time. But these tiny towers of human slumber have been around in city life longer than we might consciously realize. In acknowledgement of that concept, let's take a look at one such home on the market of the Micro-apartment Classic variety. Why? Because in comparison to the newest units in development, this can look like a bargain.
Now, it's not glamorous, but it's very affordable at $119,900. It's also a Homepath Property, which is a Fannie Mae-owned property that translates into favorable financing terms for the buyer.
This 340 s.f. studio, built in 1962, is in Dorchester. It even includes a parking space. Investment opportunity seekers and all others ahead of the curve are welcome!
Admittedly, this place doesn't have some of the amenities that make micro-apartments du jour more alluring: communal space to extend the dearth of personal space, and a slightly more bustling location. Furthermore, official micro-apartments on the market are only for rent in Fort Point to appeal to transient workers. But in thinking about expanding the concept to living with less space, then this listing could also have some benefits: namely, a cheaper price tag. In a time when 370 s.f. studios start at $1700 per month or higher at Southie's Factory 63, it takes a certain type of financially equipped person to sign on. Overall, these tiny titan homes need to appeal to Millennials, the generation of 20-34 year olds who may not have an income to match the rent payment. In a way, the living lifestyle that micro-apartments present is an extension of college dorm life.
Micro-apartments tend to hover at less than 400 s.f. as a starter home option for urban workers in cities where space is a premium. New York, Chicago, and San Francisco also have their share of these housing types. Northeastern University economist Barry Bluestone estimates that Boston needs about 8,000 to 10,000 micro-apartments. WBUR reports the city's housing shortage to be 25,000 units.
In the meantime, the individual renter or buyer needs to think about the best housing option; balance location, budget, and space; and proceed.
· Micro-Apartments: Boston's Housing Solution Or Developers' Cash Cow? [WBUR]
· Micro-Apartments: Small Spaces, Big Trend [The SpareFoot Blog]
· Boston Micro-Apartments: Higher Rents, Less Space, Lovin' It [The SpareFoot Blog]