Through a rent-to-own program with rents at $1 per square foot, Detroit residents who make $10,000 a year can achieve homeownership with a tiny house.
Fast Company reports that low-income residents can use the program to own a house in seven years. The house functions not only as a place to live, but also as an asset that can begin the accumulation of personal wealth.
The tiny homes range from 250 to 400 square feet and have a bathroom and kitchen, but no bedroom. Professional builders handle to foundation, shell, roof, electrical, and plumbing, and volunteers install cabinets and decks. Each home costs between $40,000 and $50,000 to build.
Seven homes have been completed so far, and the neighborhood is expected to have 25 tiny homes. Other communities around the country should take note.
“Certainly for cities that have an abundance of relatively inexpensive land, this is a great proposition,” says Faith Fowler, a pastor and the executive director of Cass Community Social Services. “It also makes sense in some rural areas. Everywhere I travel, I see homeless people now. It’s not just cities anymore. Two or three tiny homes might make a tremendous difference in a rural setting.”