Tiny Homes Are Making Big Moves
Can you feel the momentum building? As we rapidly approach 2020 there’s a lot to be excited about in the tiny home industry. If you haven’t been following the latest news, please allow us to share: tiny homes are really taking off!
A big part of this growth stems from changes in legislation that have made tiny homes (also known as additional dwelling units (ADUs)) legal in a growing number of states. In the past, putting a tiny home in your backyard was a hush-hush set up. Now, many lawmakers are promoting this living arrangement by changing housing codes to create more affordable options.
The forthcoming regulations are expected to be a boon for tiny homes nationwide. For example, it’s estimated the city of San Jose, California could support 120,000 ADUs. Of course, some of those units will come in the form of granny flats and guest houses, but the trajectory for tiny homes is clearly on the rise.
Home buyers are showing tremendous interest in going tiny as well. A recent national survey found more than half of Americans would consider living in a home of less than 600 square feet and 63% of Millennials would consider doing so.
The rising cost of traditional housing may be the greatest motivation behind this. Currently, the average cost of a standard-size home in the U.S. is $312,000. When factoring in a 30-year loan at 4% that total approaches almost half a million dollars ($481,704).
How does the general public feel about this? One tiny home expert summed it up perfectly, “The new status symbol is cultivating a life of experience...And small spaces allow us to do that. People are looking for smaller mortgages, smaller time lines. With more time and money for other things.”
Aside from financial considerations, tiny homes come with great flexibility, less maintenance, and a reduced environmental impact. All of which are highly appealing to prospective homeowners.
If the facts above resonate with you, the Sanctuary team would love to discuss this topic in more depth. We build high-quality, custom tiny homes, and have even been featured on HGTV for our work!
Please call (407) 308-5163 or email us at email@example.com to continue the conversation!