Meet the grandmother living out of a 400-ft 'granny pod' to save money and help with child care-it's become an American 'economic necessity' | Fortune

"Denise Martin, a 65-year-old retired financial advisor and grandmother of three, has been cozied up in her own miniature home for over a year-right in her daughter's backyard. "The primary reason why I relocated here was because I had a granddaughter, and I now have a second granddaughter who's four months old," Martin tells Fortune. Luckily her son-in-law, Bijan Taherkhan, just so happened to own his own micro-home business: Spindrift Tiny Homes. And with enough room on the family's property in Bend, Oregon to fit another structure, Taherkhan built her a custom model suited to her needs: a 10-by-10 foot loft where she sleeps, hovering above a 300-square-foot living space."

"Martin says it took less than three months to build her granny pod, which set her back less than $200,000. It took her six months to adjust to living in such a small space-but Martin believes it's worth it to live near her family and save some coin in the meantime. "There was room to put one on the property for me, and that enabled me to be close to the grandchildren, help out the family when needed, [and] just participate in all the things that go on on this property, and live very comfortably at the same time," Martin says."

"While grandparents like Martin get a sense of independence while still being able to connect with their families, there's also another huge perk to tiny homes: a lower cost of living. Jason Waugh, president of global real estate brokerage Coldwell Banker Affiliates, tells Fortune that he's witnessed an influx of granny pod requests as families are trying to scrape by. He says multigenerational living is on the rise largely out of "economic necessity.""

Tiny backyard bungalows, often called granny pods, are being placed on family properties to house older relatives close to their families. One example is a 65-year-old grandmother living in a custom 300-square-foot micro-home with a 10-by-10 loft, built in under three months for under $200,000. Residents report initial adjustment periods but value proximity to grandchildren, the ability to help family, and retained independence. Real estate brokers report rising demand for such units as families face financial constraints. Multigenerational living is increasing partly due to economic necessity and cost-of-living pressures.

Read at Fortune