How's the tiny home market compared to others?
I have a wide interest in the tiny home market and would love to one day own a tiny home. In fact I had an idea of opening up a trailer park with tiny homes. I know a piece of land nearby that would totally work, and I could probably make 6 or 8 lots out of it. Which means we could maybe get 6-8 tiny homes.
It's a dream of mine to one day do something like this. I imagine it could bring in some great revenue if rented.
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The tiny home market is growing, but not super fast. People still prefer the comfort a full home gives them, but I do find that a lot of people out there, like the idea of a smaller home. I know people who are retiring to Florida and are getting a tiny home built on a nice spot of land. If you have a family and pets, it's probably best to get an actual house compared to a tiny house. But, if it's just you, a spouse and maybe one pet, it could work fine.
It’s difficult to know how much this has grown in the years since, but we do have data for select cities. New York City, only 2.1 percent of all real estate sales between 2010 and 2018 were tiny homes. In Chicago, tiny homes made up only one-tenth of one percent of all real estate sales during that time period. However, one tiny home builder, Escape Tiny Homes, reported seeing a 200 percent increase in business over the past several years. So, in some locations, the tiny home business is booming—but in others, not so much. In 2012, professionally constructed tiny homes cost, on average, between $20,000 and $50,000. By 2018, that had risen, on average, to around $65,000 for a 28-foot length home (the average size of tiny homes in 2018). High-end tiny homes could cost as much as $200,000 or more.
For those of you who are seriously considering whether or not tiny living is for you, we break down some of the pros and cons—and a few of the things you may not have thought of previously. While you may be moving from a 2,600 square foot home to a living space half that size, that’s not a tiny home you’re moving into. Remember, living spaces in tiny homes are typically only 100-400 square feet, and possibly up to 1,000 square feet.