While the cost of living in a big city continues to grow, more people are willing to “live small” in order to afford it all, new research from the Urban Land Institute found.
Micro units - homes that are bigger than a one-car garage but smaller than a two-car garage - have become popular in recent years, especially for those individuals who want to live in close proximity to the downtown area of a major city without spending too much on an apartment or house. Micro units are between 250- and 500-square-feet and are mostly occupied by young professionals under 30 years old and who earn less than $40,000.
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