Have you ever considered downsizing to a smaller home? The cost of living may be more than you are willing to handle right now, not to mention the current state of the housing market. Tiny homes are an ideal choice for those hoping to avoid long-term renting or a large house payment. In fact, Tesla and SpaceX leader Elon Musk supports living small. “Feels more homey to live in a small house,” Musk tweeted in November. Not only is this eclectic option for minimal residence growing in popularity, but Texas is one of the top states for tiny homes.
Making up less than 5 percent of the U.S. home market, tiny homes have only gained attention during the last several years. A 2018 survey from the National Association of Home Builders saw over half of Americans showing interest in this home style. The trend continued in a 2020 poll by Investment Property Exchange Services, Inc. (IPX1031), a Fortune 500 financial company, with 56 percent saying they would consider living in a tiny home, affordability being the top motivator. While this was mid-pandemic, popularity for the 400 square foot accommodation seems to only be expanding.
“Throughout the last several years, the market for tiny homes has seen big growth,” IPX1031 stated. “The pandemic accelerated the demand for this unique way of living as both first-time homebuyers and property investors have been attracted to the affordability and flexibility that tiny living provides.”
In a 2021 study by IPX1031, six factors were used to determine the top states for tiny homes and each factor was weighed on a 25-point scale. Cost, cost of living, median income, park land coverage, annual average temperature, tiny home legality and regulations in every state were each taken into account.
Across the nation, Texas placed second in the ranking with an average tiny house cost of $48,120, a median income of $64,034, and a cost of living index of 96.1. Georgia placed first over Texas with an average tiny house cost of $43,819, a median income of $61,980, and a cost of living index of 94.64.
Kansas followed in third with an average cost of $35,500 and a median income of $62,087. Florida fell into fourth with an average cost of $50,460 and a $59,227 median income. Finally, California, placing fifth in the ranking, held an average tiny home cost of $74,917 and a median income of $80,440.
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