Pre-pandemic, Tiny Homes (houses generally under 500 square feet, but that definition is flexible) were a rising trend primarily amongst Millennials. Now that we’re in the post-pandemic housing crisis, they’re quickly increasing in popularity across all demographics.
Here’s Five Fast Facts About The Tiny Home Boom:
- 🏠 Tiny Cost - Tiny homes have an average cost of $30,000 to $60,000, but in extreme cases range anywhere from $8,000 to $150,000. They do not qualify for a traditional mortgage.
- 🏡 Little Neighborhood - Tiny Home communities are popping up everywhere. A San Antonio developer has already sold half of its 100 available units. A tiny home community in Wisconsin is being used to help the homeless.
- 🦐Mini Sensation - They’re growing in popularity so much that there are now tiny home resorts, trade shows, and even an HGTV series. Home improvement giant Home Depot is in the game, too, selling tiny home kits.
- 📦Small Catch - The one catch is that they still require land and utilities. Some owners have responded by buying tiny homes on wheels to set up in a variety of places, including specialized communities. Critics point out that this is nothing more than the modern day trailer park minus all that malt liquor, wandering infants, and fistfights.
- 📦Short on Space - The other issue is your stuff. If you have a lot of it, you’ll need to either get rid of it all or store it. With rent sometimes pushing upwards of $2,000 a month, that can get costly.
🔥Bottom line: Never doubt a person’s creativity and adaptability. If the housing market eventually corrects itself, it will be interesting to see how many tiny homes continue to thrive and how many wind up as abandoned shacks in the woods.
What do you think of the Tiny Home Craze?
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