Shipping Containers Offer Low-Cost Housing Alternative To Desperate Buyers

The foreclosure crisis and lackluster rental market are pushing homeowners to look into more affordable housing options. The coolest so far: shipping container homes.

Commonly used to house Army troops and other contractors, these repurposed containers feature pared-down designs and basic amenities: a living room, kitchen, bathroom and bedroom.

One woman, who identifies herself to Faircompanies.com as Lulu, explains in the video below how she found and renovated her shipping container home post-recession (via Inman News): 

 

If you’re not as DIY-savvy as Lulu, US companies like New Jersey-based Sea Box, Inc. and New York’s based 21st Century Homes & Structures construct these homes, which are said to be eco-friendly, sturdy and disaster-proof (a plus in this climate).

Of course, they’re cheap too: 21st Century Homes & Structures’ containers start at $89 per square foot (up to $1,280 square ft.), which comes to about $100,000. 

Don’t miss: 10 signs that your neighbourhood’s property value is on the skids >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.