When young adults hit a certain age, they start feeling the pressure to settle down and buy a home. It’s different for everyone, but more often than not, adults around 25 or older are starting to think about trying their hand at homeownership. Unfortunately, with sky-high housing prices, an exceedingly complicated market, and wages that have not increased at the same rates, these young homebuyers are finding the housing market to be a rude awakening.
With small, single-family starter homes going for millions of dollars in some North American cities, the idea of homeownership may have to shift for many of these young buyers. It’s not impossible to become homeowners, but finding homes in desirable areas with nice features is becoming increasingly harder. Because of this, as well as the popularity of life-on-the-go due to remote work becoming more common, young buyers are starting to look at geodesic domes and other structures to create the home of their dreams.
Realities of the US Housing Market
After the pandemic brought record-low mortgages to homebuyers, the market is now looking at 5% fixed mortgage rates because the Federal Reserve is trying to combat inflation. Increasing interest rates for the first time since 2018 has massive implications for the real estate market, often shown through mortgage rates. Today’s average monthly mortgage payment in the US is $1,700, which is about $500 more than a year ago and over double what it was a decade ago.
The flip side of this equation is that home prices themselves are rising rapidly and demand is outpacing supply, meaning buyers are forced to spend more than they can afford, or they get priced out of the market. With home prices in February up 19.8% compared to last year, those looking to purchase a traditional home may have to think twice.
Affordability of Geodesic Domes
Though the housing market has seen a sharp 35% price increase over the last 2 years, the land market hasn’t followed the same trend. However, the cost of buying land and building a home has become inflated due to the high price of materials. With supply chain issues and record inflation, materials like metal and wood are absurdly expensive.
With a geodesic dome from Ekodome, buyers can have an entire home built for a fraction of what it would cost to purchase a home on the traditional housing market. Our domes can be connected to one another so they can grow with growing families or when more financial means come through. They are the perfect solution for homebuyers who see the price tags on the real estate markets as daunting.
With our largest dome sporting a price tag of $13,999 (frame only), the idea of a Cosmos dome on its own or paired with a couple of the other domes is very realistic in terms of price. Considering the cost of purchasing a plot of land, buying materials for the domes, and the time spent on assembly, a geodesic dwelling approach will save massive sums of money and time.
Flexibility is Key
With the world adapting to remote work during the pandemic, many millennials today are interested in maintaining a remote approach that allows them to travel and explore new places. Instead of throwing all of their money at one home, buyers can choose to build an Ekodome home at the fraction of the cost, allotting the money they would have spent on travel and other exciting endeavors.
Additionally, geodesic domes are great Airbnb or rental properties, meaning that the owners could decide to go travel for a portion of the year while renting out their geodome to bring in extra cash while they are gone. Geodomes are the perfect solution for adults, couples, and families who want a home base without having the price, inflexibility, and permanence of a traditional home.
Lastly, geodome dwellings can be changed and added to over the years. If a couple starts with just one or two domes, as long as the land availability is there, they are free to add another dome if they decide to have children or expand their home.
Customization of Geodesic Domes
While our dome kits will provide you with everything you might need to set up the dome, you are free to customize the material you use to cover the dome, the method you use for insulating the dome, and the ways you decide to make the dome your space. These versatile dwellings let in fantastic natural light, providing an open and airy space that feels big enough for your needs while maintaining a certain level of coziness.
Ekodomes are also much easier to move than a house would be. If you decide to head to a new state or buy a larger plot of land when you have a bit more financial capital to do so, your Ekodomes can go with you. It’s not a breeze to move a geodesic dome, but since it’s a semi-permanent structure, it’s definitely possible.
Future of Real Estate
Nontraditional housing is on the rise. Partly because of the real estate market’s difficulty to navigate, but partly because people aren’t looking for traditional lifestyles anymore. Craving a different path, van lifers, minimalists, and now, geodesic dome owners are all choosing their desires over societal expectations.
With housing prices shockingly high and getting higher, it’s also become clear that purchasing a home now could be the wrong time for an investment of this nature. If a home purchase is completed in 2022, only for 2023 to bring a drastic housing crash (remember, this is just an IF), then buying a house before the crash will be devastating financially.
Your geodesic dome adventure doesn’t have to be forever if you don’t want. Find the perfect slice of land, assemble an Ekodome to call home for the next couple of years while you wait for inflation to slow down and materials to decrease in price, then use the geodesic dome as an additional unit that can be rented for income once you build your dream home!
Geodesic Domes Serve Many People & Many Purposes
In a time where everything feels uncertain, the ability to make a decision that feels “semi-permanent” can be just what the doctor ordered. With geodesic domes, you can build finally have your first home without putting too much stress on your wallet. Not only are these dwellings affordable, but they are the perfect building blocks on your way to a dream home in the future.
If you ever decide that the geodome isn’t the answer for you and your family, you can use it as a greenhouse, source of rental income, or create an insulated outdoor space to give your mental health a boost! The options are endless, but at their core, Ekodomes can offer homebuyers exactly what they’re looking for: a place to call home that doesn’t overextend their personal resources.