For many people, owning a home is a sign that they have accomplished the American dream. While the desire to have a place to call your own is valid, the current economic climate makes it more challenging. With interest rates exceeding 7 percent and the impact of inflation, that dream may seem far from a reality.
However, tiny and micro homes—residences with smaller square footage and innovative designs— make monthly mortgage payments more manageable. The emphasis on affordability was at the forefront of developer Booker T. Washington’s thought process when he bought a three-acre lot in College Park, Atlanta.
Here, he breaks down the reasons he has embarked on creating South Park Cottages, a micro-community in one of the pricier cities, Atlanta, and where else you’ll be able to find his next venture.
BET.com: Can you please give some background on South Park Cottages and what led to its inception?
Booker T. Washington: My company is Techie Homes, the parent company that built South Park Cottages. It is the first Black and minority development micro-community. Oddly enough, there’s never been an urban center complex of small “cottage homes” or tiny homes in a major metro area in the United States. And so that’s what South Park cottages are within the Metro Atlanta area of College Park.
We [relied on] crowdfunding from people within the community who expressed a desire to contribute to creating such distinctive housing, all with a shared goal of promoting homeownership. This sets our community apart —it’s not designed for rentals or vacations like the typical tiny home communities. It is a private gated community.
BET.com: Is buying one of these homes better than just renting?
Booker T. Washington: In the metro area of Atlanta and many other metropolitan regions, the average rent is above $2,500. The DC area, New York, California, and now even Texas, Houston, and Dallas are becoming more and more expensive to rent.
So, for minorities, and Black people…
Read the full article here
