As housing prices continue to escalate, at least one Las Vegas-based company offers a product that won’t break the bank.
Boxabl has created a building system that’s easily scalable for mass production that makes the houses it manufactures extremely affordable — provided buyers have a place to put them. Prefab Residential Steel Buildings
And if they’re good enough for the world’s wealthiest man, who wouldn’t want to give them a shot?
Tesla Inc. Elon Musk paid $50,000 for one of three Boxabl prototypes. Musk had the 375-square-foot Casita delivered to the SpaceX testing grounds in Boca Chica, Texas.
The 20-foot by 20-foot home is similar to a studio apartment. The foldable homes are eight feet wide when they ship and can be unfolded at the buyer’s location in less than an hour.
Each Casita includes a full-size kitchen with all appliances, a bathroom with a toilet, shower and sink, a living room, a bedroom and a washer and dryer. Heating and air conditioning also are included.
Boxabl signed a deal with the U.S. Department of Defense for an initial order of $9.2 million and earlier this year announced a partnership with homebuilder D.R. Horton Inc. that includes an order for 100 units and investment in the company.
Boxabl’s mission is to lower the cost of homeownership for everyone, and it’s launched a crowdfunding campaign on StartEngine to help it achieve its goal of producing housing in much the same way most modern products are mass-produced — on an assembly line.
See also: Top Startups to Invest in for October
Boxabl already has received interest for more Casitas than it can produce for the next several years. It has more than 100,000 reserved Casitas that could translate into $1 billion in revenue, according to the company’s StartEngine page.
It’s also seeking franchise partners to help it expand as housing prices continue to soar. Boxabl will provide its branding, quality control, intellectual property, custom equipment and raw materials to its partners who will start their factories around the world.
Median U.S. home prices were up 6.7% to $406,074 in August compared to the same month last year, according to Seattle-based residential real estate brokerage Redfin Corp.
And as prices rise, consumer demand for smaller living spaces is soaring. The increasing popularity of backyard accessory dwelling units (ADUs) is being propelled by new laws in municipalities across the country that streamline the permitting process and allow them in more places.
The tiny homes market share is expected to increase by $3.57 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a compound annual growth rate of 4.45%, according to global market research firm Technavio.
Rentberry, the startup that is expected to disrupt the rental market, has now raised over $11.4 million through its current funding round on StartEngine.
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