Do tiny homes live up to the hype?

Property Shark

 

By Patrick McGregor | Property Shark

Key Takeaways:

  • Tiny homes have not yet gained a large share of the residential market, having been responsible for only 2% of all home sales in NYC and San Francisco for the last eight years.

  • New apartment buildings have smaller units on average, with almost three quarters of them being under 1,000 square feet in 2018.

  • Tiny homes seem to be popular with the short-term renters, like students and young professionals.

  • Less dense cities like Columbus and Indianapolis have had more tiny homes sales than Chicago and Philadelphia. However, the opposite is true for tiny rental home construction.

The tiny house movement has gotten a lot of attention in recent years as a way to save money, reduce stress and lower your environmental impact. However, the concept is hardly new. NYC has had tiny homes, called Single Room Occupancy apartments, since the Great Depression. With space in denser cities coming at premiums, they’re an attractive option for those whose main priority is location. Yet, fitting your whole life into 500 square feet is not for everyone, especially if it’s not just you.

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