A Large Majority Would Consider Tiny Living

With affordability being top of mind for many homebuyers, 73% of Americans would consider living in a tiny home, according to a survey conducted by IPX 1031. A tiny home is defined as a home that measures 500 square feet or less.

The large majority agreed that they would consider tiny living, with the top reasons being affordability, minimalist lifestyle and not needing a big home.

Affordability was a significant factor in the consideration, as 65% said they would consider buying a tiny home because of the current housing market. Eighty-six percent said that they thought tiny homes were a good option for first-time homebuyers specifically.

Does the affordability of tiny living make the lifestyle more appealing? According to the survey, 89% think so, and 82% think the current housing market makes investing in a tiny home more appealing.

Because of high interest rates, 52% have considered alternative housing options. However, it’s a tossup on whether tiny living is a temporary or long-term solution. While 65% view tiny homes as temporary living, 35% see them as long-term housing.

Alternative living spaces are becoming more appealing for some Americans. Thirty-one percent have stayed in an alternative living space rental, with the most popular types being tiny homes, modular homes and vans/RVs. Of those, 92% said they enjoyed their stay.

Eleven percent plan to buy an alternative living space in the next year. Of those who already own alternative living spaces, 58% use it as their primary living space, 41% rent it out and 70% own the land that the home sits on. The most popular types of alternative homes owned are tiny homes, vans/RVs and container homes, and the top reasons for owning are affordability, mobility and minimalist lifestyle.