Millennials thinking small for affordable housing

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Davis is the co-founder of Getaway, a project that rents out tiny houses in the woods around Boston, Mass., for people seeking a retreat, or for those who want to test if tiny house living could work for them on a more permanent basis.

The project is one of many small housing initiatives in what amounts to a growing industry in millennial housing, particularly as rising real estate costs in both Canada and the U.S. have made traditional home buying much less affordable.

Davis said the appeal of tiny housing is in the shifting priorities of millennials, those in their 20s and early 30s, who seek humbler existences.

The study notes that while millennials are still interested in buying a home eventually, they are seeking different types of living arrangements from what their parents had. "They are more open to the options of having a town house versus a single family house," said Xu. "They are open to those kind of options and they typically desire a smaller home than their parents' generation."

Small houses in Canada Tiny houses, such as this one in Victoria, B.C., have made their way to Canada as a way to address a lack of affordable housing.

Steve Jackson, program manager of the Co-operative Housing Federation of Canada, says his organization has also been trying to appeal to millennials looking for affordable housing, but a lack of new co-op initiatives has been a roadblock.

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