A millennial woman has showcased her luxury barn home as traditional housing prices remain out of reach for many Americans.
Housing prices have skyrocketed across the country in recent years. While the qualifying yearly income for a median-priced house in 2020 was just $49,680, that number has reached more than $107,000 today, according to the National Association of Realtors.
And, according to the association, the median price for an existing home was $410,200 in June of this year.
To dodge the financial hurdles of owning a traditional house, many are turning to unique places to call home.
For instance, TikToker @HeritageHouseHomestead took her followers on a tour of what she calls her "barndominium."
The content creator, also known as Lacey Harwood, has turned what used to be a barn into a full condo home with everything she needs for easy living in south central Texas.
The home includes one house alongside a "guest house," offering plenty of room to stay for Harwood's family and friends. There's also what she calls a "party porch."
Harwood said when they first moved to the barn, all they had was one building cover over the entire unit and an RV.
"We decided to build a barndominium because we live in the country and they are very low maintenance," Harwood told Newsweek. "We also had the skills to DIY a lot of it so we knew that would save us a lot of money. This is our second barndominium and we will never go back to a traditional home build."
Harwood said they sold everything they owned and moved into the RV in her video.
When Harwood built her first barndominium in 2009, they were relatively unheard of. But in 2023, they are rapidly rising in popularity, she said.
"If you have the skills to design, contract and DIY, they are definitely more affordable than traditional homes," Harwood said.
She said she paid $130,000 for the full-size barn home, saving around $75,000 by building a lot of it herself.
"That was my job," Harwood said. "During the day I worked on the house and I worked at night. I did all of the design work, cabinet layouts, material sourcing, plumbing and most of the electrical myself."
After creating a lane through the home, Harwood was able to build a "tiny" as well as regular-sized house under the barn.
The tiny home is just 235 square feet but includes two beds, a couch, a kitchen, bathroom and bar setup.
"I don't know if the kitchen or the little bunk beds are my favorite," Harwood said.
On the other side of the barn, near Harwood's rescue cow's space, is the actual full house that she stays in.
There's plenty of outdoor seating across the property as well as a small pool where you can also watch the outdoor TV. The exterior space also boasts an outdoor kitchen with a grill and dining table.
Once inside, Harwood showed viewers the 750-square-foot home in its entirety.
"Welcome to my barndominium," Harwood said.
The interior features a spacious kitchen and living room, including an island for eating. There's also a full-room pantry with a refrigerator and freezer.
The roomy bedroom was built with tons of storage space, Harwood added, as she continued her tour. The bathroom is next door with similar white marble to the rest of the house as well as a tub, shower and TV.
Larger Trend
Harwood's luxury-style home is proof of what hard work can give you in a home of your own, but it's also a sign of the troublesome housing market many Americans are pushed up against.
Today, less than 5 percent of new houses are smaller than 1,400 square feet, and the prices of larger homes are out of reach for many, experts say.
Matthew Schneider, founder and CEO of commercial real estate platform e-states, said many Americans are resorting to building their own housing, as real estate developers shift away from small, affordable homes.
"There will need to be modifications to the tax code, as current tax rates on home development don't make it profitable to produce small homes, but it's the will of the market," Schneider told Newsweek. "The average American is struggling, especially with high interest rates, and renting can't be the only solution."
As affordable housing dwindles for the average American, it's likely the housing market will adjust accordingly, but it could take some time.
This year, America's housing market withstood a minor correction. After years of low house supplies bringing home prices to skyrocketing heights post-pandemic, demand has been waning.
"The rise in unconventional housing solutions is a direct response to the current economic challenges," Josh Michaels, CEO and founder of Money4Loans, told Newsweek. "High real estate prices, coupled with a competitive housing market, have made traditional homeownership unattainable for many."
A combination of rising mortgage rates and consumer burnout has sparked a crisis of affordability, leading to many Americans building homes with their bare hands instead of settling for an inflated home price.
"Maybe there needs to be more innovation before we increase the affordable housing supply, but if the everyday American is willing to pick up tools and turn barns, huts, and storage crates into a house, then the American real estate developer can follow suit," Schneider said.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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