ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Demand for Tiny Homes Rise, Global Market to Touch $4.17 Billion by 2027

The price of tiny homes is 87% cheaper than traditional homes making it a good investment for the future.
PUBLISHED JUL 9, 2023
Cover Image Source: Getty Images | Drew Angerer
Cover Image Source: Getty Images | Drew Angerer

Interest in the concept of tiny homes in the U.S. is on the rise and so is the market growth. The limited space offers easy maintenance and cozy living while keeping the planet's health in mind. Tiny homes also open the scope of mobility, you could wake up to the sound of waterfalls and birds, or near the shore if you'd like.

It comes as no surprise that the appetite for this concept is booming more than ever. Dave Zook works with the company Zook Cabins since 2006 says that the market has seen a major rise in the last decade, as per Fox Business. He told the outlet how there's been all types of demands in the last few years from normal consumer demand to short-term rental demand or even RV park demand, the company reported a rise in all the leagues.

Getty Images |	Michael Loccisano
Getty Images | Michael Loccisano

A typical home by Zook Cabins features a full-sized bed, work desk, flat screen, TV, loveseat couch, microwave, and also a mini fridge. Tiny homes are generally built in a less crowded space giving people the opportunity to live and work away from the buzz of city life, more so after the pandemic.

It's important to note that the homes made by Zook Cabins are not meant to move and are very much stationary, unlike some tiny homes, reports Fox Business.

"It's made to be put in place and stay in place, although you can move them. But you can put them on a foundation, you can keep it right on a trailer and you can build a nice creative deck around it to where you can really hang out outside," he said.

According to a study conducted by TechNavio, the global tiny home market is expected to boom by $4.17 billion from 2022 to 2027. 

There is no set rule here. However, the popular opinion is between 60 and 400 square feet, and this range could be stretched to 1000 square feet, not sure if it could pass as 'tiny.' The average size of a tiny home in the U.S. is about 225 square feet, as per a survey by Porch.com

 

Getty Images | Sanne Derks
Getty Images | Sanne Derks

Following the popularity of the "less is more" narrative, people have romanticized the idea of living in a confined space and leaving behind as less carbon footprint as possible. An IPX1031 survey found that Vermont, New Hampshire, and Washington Maine are some of the leading states when it comes to demand for tiny homes. It is the millennials who are buying tiny homes as they are 87% cheaper than traditional homes, and because of the environmental benefits.

This has to do with the breathtaking views that higher altitudes offer. According to data collected by Porch, for 10,000 regular home listings, there are only 27 tiny home listings which are about 0.3%. However, the statistics are better in some beautiful states like Idaho where for every 10K listings there are 139 listings which is 1%. There's also rising demand in Colorado, Utah, West Virginia, and Oregon. Just the opposite was observed in populated states like New York, Maryland, and New Jersey where the demand for tiny homes is still pretty low.



 

As mentioned, the price of tiny homes is 87% cheaper than traditional homes. So, it might be a good time to invest in such homes as they will appreciate in the future with the growing demand. In states like New Hampshire, New Jersey, and North Dakota, the price of tiny homes is exactly half the price of big houses. There are some exceptions like Colorado and Hawaii where tiny homes are cheaper. However, it's important to note that tiny homes are pricier if you look at how much you are paying per square foot. 

MORE ON MARKET REALIST
The TikTok creator claimed that it lacked a very important nutrient people sought from chicken.
33 minutes ago
While Harrison really wanted the rare treasure, he just couldn't take a chance with such a high price tag.
20 hours ago
The issue triggered speculation on social media, with many questioning Walmart's product quality.
21 hours ago
The rising star of the show's Prime Video spinoff could take over as the full time host.
2 days ago
Rick who couldn't tell the difference between Pokemon and Charizard lost out on a deal of a life.
2 days ago
The guest later happily gave it away for free to a Folk Americana Roots Hall of Fame collection.
2 days ago
The guest had stumbled into the rare artifact online and didn't have to shell out a lot for it.
3 days ago
Jennings answered the question that was making the rounds on social media for quite some time.
3 days ago
While her letter picks gave her just one clue, Angie nailed the final puzzle in seconds.
4 days ago
While the player wasn't too bothered with the loss, fans didn't seem to let it go.
4 days ago
This wasn't the first time that a contestant made a fool of himself on the show.
5 days ago
Even the stingy star of the show, Rick Harrison couldn't resist paying top dollar for the item.
5 days ago
Kevin O'Leary's deal did offer more capital but didn't align with Strauss's goals.
6 days ago
Harvey was waiting for a long time for someone to give that answer.
7 days ago
All the guest could say was, "I am never going to be able to talk to my wife again."
Apr 17, 2025
The TikTok creator claimed that the brand is trying to gain attention, but some viewers disagree.
Apr 16, 2025
Harris made a last ditch attempt for the 'Holy Grail' item but it didn't go as he expected it to.
Apr 16, 2025
Jay Tope, who lost $75,000 earlier in the week, redeemed himself while playing with the star.
Apr 16, 2025
While the question was direct, the entrepreneurs kept beating around the bush.
Apr 15, 2025
Fans are posting videos of the game that they discovered at Costco retail stores.
Apr 15, 2025