Prefabricated and Modularized Building as an Affordable Housing Solution for Millennials

Download or read book Prefabricated and Modularized Building as an Affordable Housing Solution for Millennials written by Brenda Defoe and published by . This book was released on 2016 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, Millennials are the largest and most diverse generation in America. As a result,this generation -- totaling approximately 80 million young people -- is poised to have a significant impact on housing preferences and how cities are developed. Because housing is a key component of the United States economy, housing that is decent and reasonably priced is a contributing factor in creating sustainable communities. Furthermore, in an economy of slow wage growth and increased student loan debts, reducing the attainment of traditional goals associated with the "American Dream" will have significant implications on the future of the U.S. housing market. Yet, developers have neglected to increase the efficiency and rate of affordable housing production due to a lack of investment in productivity, innovation and technology. In addition, an increased awareness of the social and environmental issues that this generation faces have led many to believe that opportunities to make an environmental impact through choices, like homebuying is necessary. As Millennials begin to enter the housing market, preferences for energy efficiency, green building and smart home technology will influence the types of homes that are built. These shifts will create new challenges for the built environment -- and in a context of evolving cultural preferences and market forces -- it will become necessary to design homes that respond to these changes in order to benefit future generations. The question is, how can a type of construction, specifically prefabricated or modular building provide affordable housing opportunities for Millennials and contribute to sustainable development? This paper will explore prefabricated/modular construction's role in creating affordable housing for a new generation.