Tiny homes have become popular during the coronavirus pandemic, and with this sudden surge comes new tiny home trends.
IPX1031, a Fidelity National Financial subsidiary, surveyed 2,006 Americans to measure the public interest in tiny housing.
Over half of the respondents reported that they would consider living in a tiny home, and of those who are not yet homeowners, 86% said they would consider purchasing a tiny home as their first home.
Of those surveyed, 72% said they would consider using a tiny home as an investment property.
Tiny homes have become undeniably popular during the coronavirus pandemic, and with this sudden surge comes new tiny home trends.
According to a survey by Fidelity National Financial subsidiary IPX1031, 56% of the 2,006 American respondents reported they would consider living in a tiny home.
Of those surveyed who are not yet homeowners, 86% said they would contemplate purchasing a tiny home as their first home and 84% of those surveyed said they would consider a tiny home as a retirement living option.
Affordability, efficiency, eco-friendliness, and minimalism were cited, in that order, as the four most attractive factors that the tiny home lifestyle has to offer.
It’s no surprise the economical aspects of tiny living was listed by 65% of those surveyed as the most enticing factor of tiny living. The median price of a tiny home falls within the $30,000 to $60,000 range, while the median price of a traditional home sits at $233,400, according to IPX1031. As a result, 79% of survey respondents reported being able to afford the median price of a tiny home, while only 53% said the same for a traditional home.
Aspects like mobility and privacy fell lower on the list of attractive factors, although 54% of survey respondents said they would want a mobile home, and a home under 400 square feet.
The rental trend
This uptick in tiny home popularity can be attributed to more than just those looking for a permanent downsize. Tiny homes have also become a popular target for tourists looking for an escape during COVID-19, according to a report from the Wall Street Journal, and tiny homemakers have now started targeting customers who want tiny units to rent out or to list on Airbnb.
As a result, 72% of respondents said they would consider using a tiny home as an investment property, with 63% of those people reporting they would use it as a long term rental unit at an average monthly rent of $900. In contrast, 37% said they would rather rent their tiny home for short term stays on platforms like Airbnb and Vrbo with an average nightly rate of $145.
According to the report’s analysis of 1,300 tiny home-related Google search keywords, tiny homes are currently the most popular in the northwest and northeast of the US.
IPX1031 conducted the survey, which was made up of 55% female and 45% male, between November 1 and 5. The median age of those surveyed was 38, and the majority of people surveyed had an income under $80,000, with 37% of respondents making under $40,000, and 46% making between $40,000 to 80,000.
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