The popularity of Tiny homes has drastically increased with housing crises and environmental concerns proceeding with the COVID-19 pandemic. Researchers and analysts worldwide speculate that the tiny house market is set to boom within the next few years. Industry professionals estimate the tiny house market to expand rapidly once again, following the next few years. Following the pandemic, city residents have fled to smaller towns and country homes. Data studies taken from Relator.com show that tiny houses appreciated at a rate of 19
% compared to 9% for traditional homes. A 6.25% projected market growth would see its most significant share in North America. The current compound annual growth rate is almost 7%. The environmentally friendly nature is a key driving factor in the market growth of tiny homes.
Boomers and Millennials will drive the Tiny house market
With the large numbers of baby boomers ready to retire and the millennial’s debt. These two generational groups are predicted to have the most significant impact on the tiny house market. 63% of millennials would consider buying a tiny house. According to the tiny house statistics.
Critical factors for this transition might include:
Downsizing after retirement for an easier to manage space
Reducing expenses (dumping their mortgage) to enjoy their retirement years debt-free
For Millennials, tiny homes provide the opportunity to own a home in the real estate market (many are either priced out or cannot get approved for a mortgage due to their debt)
Since 1998, tiny homes have almost tripled in size. Tiny home builders have reported that the new tiny homeowners want bigger tiny homes. At the beginning of the decade, the standard size for a tiny house was 20 feet long by eight feet wide. Today, the standard length is 28 feet by nine feet wide.
Tiny homes are also becoming more luxurious. Many tiny homeowners want to treat themselves with luxury finishes and things they otherwise could not afford to put into a larger home. This ranges from king-sized beds to marble, granite, and stone tiles.
Following the tiny house craze, towns and cities are becoming tiny-home friendly. This has already begun in certain states around the country. Spur, Texas, was the first city to declare itself tiny home friendly. Other cities have started removing size restrictions from their current zoning laws, allowing for the builds of tiny homes.
Mortgage Free
68% of tiny home dwellers own their houses and are mortgage-free, according to the tiny house mortgage facts. 55% of tiny house owners acquire more savings than the average American. Tiny house monthly expenses can be as low as $600. You can choose to live off-grid (Not requiring utilities such as electricity. Water. Etc) in a tiny house.
68% of tiny home dwellers own their houses and are mortgage-free, according to the tiny house mortgage facts. 55% of tiny house owners acquire more savings than the average American. Tiny house monthly expenses can be as low as $600. You can choose to live off-grid (Not requiring utilities such as electricity. Water. to) in a tiny house.
