As housing affordability continues to be an issue, not surprisingly the market for “Tiny Homes” continues to grow. These homes are defined as being 400 square feet or less — some under 200 square feet — and builders are offering a wide variety of designs and amenities.
As reported here, the market is booming now only in the USA but in Europe and Asia, with the worldwide market expected to approach $4 billion by 2026.
No matter what country, the appeal is the same: huge cost savings (average prices can start in the $50,000 range), eco-friendly footprint, and, thanks to continuing innovations in design, significant features and amenities for the money. There are individual Tiny Homes that can be rolled on to a building site that you own; there can be Tiny Homes on wheels, allowing for a nomadic lifestyle and, for many, a quality of life improvement over an RV; there are even entire villages of Tiny Homes.
Almost 40% of Tiny Homes buyers are over the age of 50. So what’s the appeal for this generation?
There are a number of reasons. Cashing out of a bigger home and into a Tiny Home can enable the preservation of a high quality of life while freeing up significant cash. Proximity to children and grandchildren is another factor; in some cases, the Tiny Homes are installed right on the same property as an adult child’s home (not unlike the ADU, or Accessory Dwelling Unit) phenomenon we reported on here, or on a small lot nearby, or even on a trailer enabling travel and visiting back and forth.
Tiny Homes can be designed with aging in place and safety in mind, including low-height cabinetry and wheelchair-friendly doorways.
One of the signs of a growing market is product diversity, so take a look at this article, which highlights a number of models developed by a builder who created an entire Tiny Homes village in Florida. The article will give you a good idea of the kind of creative thinking that is going on in this interesting sector.
We expect to see more SuperAgers consider the Tiny Homes alternative, especially its mobile versions, and of course we’ll continue reporting on the latest developments.