Larger suburban homes are not the only housing type seeing an influx of interest during the pandemic. Tiny dwellings are popping up for sale or rent in rural parts of Maine, Vermont, Wyoming, and even Alaska, reports Fox Business. According to a July study from Freddie Mac, listings that include either a tiny home or other types of guest apartments have increased 8.6% a year on average over the past 10 years. The growing interest could be due to the rising cost of living, especially for cities on the West Coast. Purchasing a tiny home could be both a cheaper way to buy, but also a way to generate more income since they can be rented out.
The pandemic is creating more uses. Some people are constructing them as a backyard office while working from home. Others are building tiny homes on undeveloped lots where one might expect to find a traditional-sized home, either for use as a primary residence or vacation home.
These homes go up fast; eight weeks is a typical length of time to build. Builders usually incorporate materials that align with the main house, as zoning rules tend to require. The price of construction varies by region, but in the Los Angeles area, for example, converting a garage to a so-called accessory dwelling unit starts at around $100,000.
Advertisement
Related Stories
Market Data + Trends
Home Size and Price Trends for Age-Restricted, Single-Family Housing
Do the characteristics of new, age-restricted, single-family homes vary much from other single-family homes started in 2022?
Market Data + Trends
Why Is the Housing Market Behaving This Way?
2023 has been a confusing time in the housing market, but there's an upside for new-home builders
Sales
Fannie Mae's Take on the Future of US Home Sales
The recent forecast indicates slowing home sales, due to continuing mortgage rate increases accompanied by homebuyer hesitance