The global housing market is in rough shape. For many, getting a home is either unattainable or a logistical nightmare filled with waste, delays, and unexpected costs that harm both consumers and the environment.
One entrepreneur, Corey J. Hanker, is leveraging an institutional, tech-forward approach to do something about that with his company, Papaya Homes.
As USA Today detailed, Hanker's firm is tapping into his background to create a much different experience for customers.
The foundation of the venture is precision-engineered housing, supported by modular construction. The process takes out a lot of the randomness of construction by kickstarting the process with a three-week feasibility study.
If it's determined a project is a fit, the process begins with Papaya's "blueprint for a successful build." Per USA Today, that includes "manufacturing options, 95% rough order of magnitude cost estimate, and timing of delivery to site." Instead of sweating out the details and executing it on-site, the company leverages prefabricated and pre-finished construction.
Behind each build is "net-zero steel housing construction," which Papaya touts as delivering "cost-effective and energy-efficient projects" on the company website. The prefabricated approach saves money and time. The company curates the process for buyers, giving them all of the options and leaning into innovative strategies.
"As technology evolves, the industry is shifting to a more controlled factory environment construction," Hanker pointed out.
Hanker himself left Wall Street in 2008 after the housing market collapse. Some of his most notable work then was identifying Detroit as a housing opportunity, even as the city was months away from declaring bankruptcy. Now, the city's revival is undoubtedly aided by Hanker's and others' efforts in improving its housing stock, as USA Today asserted.
He began his foray with modular houses in 2018, and quickly determined they could be built quicker, cheaper, and with better quality than conventional ones. That realization led him to founding Papaya Homes.
The results so far are impressive. Papaya is responsible for over 2,000 housing units and is currently consulting on more than $120 million in projects in the West and Midwest, per USA Today. Papaya offers consumers everything from net-zero A-Frames to luxury townhomes.
The company is part of a growing trend to incorporate prefabricated builds. On-site construction can be wasteful, with each project inevitably encountering unexpected challenges working in a less controllable space. The average construction site for a 2,000-square-foot home reportedly creates over 8,000 pounds of waste.
Another aspect worth noting is the net-zero steel construction. Choosing less wasteful materials that are energy-efficient and more resilient to the climate is a key part of sustainable building.
Papaya also offers tiny house solutions like their Mini A-Frame model it describes as an "escape to sustainable serenity." Tiny homes are an inventive solution to lower our individual pollution with eco-friendly residences that maximize their space.
For consumers interested in Papaya, you can see its many offerings and recent projects on its website and even request a quote for a project.
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