By Tyler Durden
Although the micro home movement isn’t necessarily new, many have put tiny homes on their radar since COVID-19. Whether it’s a weekend escape from city living, or even a tiny backyard office, these dwellings have seen a recent boom in popularity. IPX 1031 recently did an extended analysis of the sector which is presented below, but here is a summary of what they found:
- 56% of Americans say they would live in a tiny home. 86% of first-time home buyers would consider a tiny home for their first home.
- 72% of home buyers would consider buying a tiny home as an investment property.
- Most appealing factors of tiny home living: 1. Affordability 2. Efficiency 3. Eco-friendliness 4. Minimalist lifestyle 5. The ability to downsize.
- Most desired tiny home amenities: 1. Heating/AC 2. Kitchen space 3. Designated bedroom 4. Laundry 5. Outdoor space.
- 53% of Americans can afford the median price for a starter home ($233,400) vs. 79% of Americans can afford the median price of a tiny home ($30,000-$60,000).
- Top states for tiny homes: 1. Vermont 2. New Hampshire 3. Maine 4. Wyoming 5. Washington 6. Idaho 7. Montana 8. Oregon 9. Rhode Island 10. Alaska.
Below is the full survey report from IPX 1031:
In order to get more insight on tiny living, we surveyed 2,000 Americans across the country to find out how likely they would be to live in a tiny home and what amenities they would like to have in a tiny home. We also analyzed Google search volume to determine where tiny homes are most popular around the country.
Tiny Home Lifestyle
Living in a tiny home is certainly an adjustment that isn’t right for every lifestyle, but more than half of respondents say they would consider living in one. Unique factors such as affordability (65%), efficiency (57%), eco-friendliness (48%) and the ability to live a minimal lifestyle (44%) are among the top reasons why respondents say they would like to live in a tiny home.
It’s also interesting to note that among those who have never owned a home, 86% say they would consider buying a tiny home for their first home.
The Ideal Tiny Home
Considering that most tiny homes are 400 square feet or less, many can be built on wheels, which allow homeowners to live a mobile lifestyle. According to respondents, 54% would prefer their tiny home to be mobile and a majority (54%) would prefer that their home is under 400 square feet.
With such a small amount of living space, it’s no surprise that the ideal number of people to live in a tiny home is two. In terms of amenities, heating/AC (60%), kitchen space (58%), designated bedroom (48%), laundry (43%) and outdoor space with a view (42%) are the most desired and “must haves,” according to respondents.
Tiny Home Budget
The price to purchase or build a tiny home can vary and depends on a number of factors. Most tiny homes cost between $30,000 to $60,000 while the median price for a starter home is $233,400, according to the National Association of Realtors. Exactly half of respondents say they would spend less than $40,000 on a tiny home and 79% say they would be able to buy or finance a tiny home rather than a traditional starter home.
Where Are Tiny Homes Most Popular?
When most people think of tiny homes, images of a secluded lot in the woods or a home nestled near a lake come to mind. We were curious to see where tiny homes are the most popular, so we analyzed Google search volume for more than 1,300 terms and keywords related to tiny homes.
The results show that tiny homes have seen the most interest in rural states such as Vermont, New Hampshire, Maine, Wyoming and Washington. Illinois, Pennsylvania, Ohio and New York showed the least interest in searches for tiny homes.
Tiny Home Investment Property
With a low cost to build and maintain, tiny homes could bring big profits for property investors. According to respondents, 72% would consider buying a tiny home to serve as an investment property. Among those, 63% say they would rent out their tiny home as a long-term rental while 37% say they would rent their tiny home as a short-term rental. On average, respondents say their ideal monthly rent would be set at $900 per month for a long-term rental and $145 per night for a short-term rental.
Tiny Office
With many Americans adapting to remote work or working from home, the concept of a tiny office (or a “backyard office”) is an appealing alternative to working inside a home office, kitchen or living room. In fact, more than half (54%) say they would buy a tiny office and 62% of remote workers would consider buying one. Ideally, more than a quarter of respondents say they would spend less than $8,000 on a tiny backyard office.
With many Americans adapting to remote work or working from home, the concept of a tiny office (or a “backyard office”) is an appealing alternative to working inside a home office, kitchen or living room. In fact, more than half (54%) say they would buy a tiny office and 62% of remote workers would consider buying one. Ideally, more than a quarter of respondents say they would spend less than $8,000 on a tiny backyard office.
Source: Zero Hedge
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