The benefits of multifamily housing
Townhouses, condos, and duplexes – these are just a few examples of multifamily housing options that exist in communities around the world. When we think about multifamily housing in Memphis, we often think of apartment complexes that house mostly renters. But, people can own a portion of a multifamily housing unit in the Bluff City, and United Housing is advocating to create more of these opportunities! Here are some of the benefits that multifamily housing offers to not only homeowners but the communities in which they’re built.
Affordability meets location.
Single-family homes in urban and suburban areas can be pricey. The cost of land to build a home can be expensive, especially in neighborhoods where the property is limited. Multifamily homes in these communities can use density to their advantage. By creating multiple units on a lot that may traditionally house only one family, developers are able to divide the land costs among multiple owners. This can lead to lower-cost housing options in high-demand neighborhoods, increasing access to key community amenities, job opportunities and schools, all while creating a more socioeconomically diverse community.
Sizing makes sense for certain families.
Some homebuyers don’t need a ton of space to make their house feel like home. Many are even looking to buy a home that has fewer bedrooms and bathrooms than you might be able to find in a single-family house. In this instance, a multifamily unit may be a perfect fit. But one of the great things about multifamily units is that they come in all shapes and sizes. Small units can be optimized to feel more spacious than they are on paper, and some townhomes and condos offer just as many bedrooms and bathrooms as a ranch home in the suburbs. Simply put, there are a lot of size and space options available in multifamily units that are attractive to homebuyers.
Opportunity for supplemental income.
If you can afford it, purchasing a duplex or triplex could be a great way to earn some supplemental income. If you purchase the entire multifamily complex, then you can rent out the other unit or units that you’re not living in. Of course, prioritizing your budget is most important, and this may not be an option that is available to most families. But if it makes financial sense for you, it could be a great way to become a local landlord.
Group amenities and shared spaces can add value.
Some multifamily communities have shared amenities and spaces that you can access as a resident. This could include things like community centers, pools, gyms or other features. Even if your unit or community doesn’t have these assets, you’ll likely share a yard, garden or patio with other homeowners or renters within your unit. This can provide value without making you solely responsible for upkeep and maintenance. It’s always nice when you can split the costs of things like yard maintenance with your neighbors!
Housing density can strengthen housing markets and increase access.
Middle housing is a topic we’ve mentioned this year as Memphis is missing a lot of middle housing opportunities. Density, or creating opportunities for multiple family units to live in a space that may have traditionally been reserved for one, can revitalize neighborhoods and bring new homeowners into the fold.