MReport January 2021

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8 | M R EP O RT MDWELL T iny houses are not new, but COVID-19 and resul- tant lifestyle changes in- crease their popularity, according to IPX1031, a Fidelity National Financial Company blog, which surveyed 2,000 Americans to understand how likely they are to live in a tiny home. The re- searchers also looked into regions of the country with optimal tiny-home markets for both homebuyers and investors. "Even though the micro-home movement isn't necessarily new, many have put tiny homes on their radar since COVID-19," note those who conducted the study. Affordability was the top rea- son for survey respondents who answered that, yes, they would consider purchasing a tiny house (more than half). Sixty-five percent of respondents cited affordability; 57% said "ef- ficiency" would be a motivating factor; 48% said "eco-friendliness" Tracking the Micro-Home Movement Lifestyle changes tied to COVID-19 are making this property type in demand. would be a factor; and "living a minimalist lifestyle" rounded out the list of top tiny-house selling points. Also listed: Downsizing (36%), mobility (35%), and privacy (29%) Among the respondents who have never owned a home, 86% said a tiny home could be a contender for their first home purchase. What constitutes a tiny house? They can be on wheels or stationary (about 54% of respon- dents said they would prefer the more-mobile option). They gener- ally are less than 400 square feet and range in price from $30,000- $60,000 (whereas the average median price for a typical starter home is $233,400, according to the National Association of Real- tors). Half of those surveyed say they would spend less than $40,000 on a tiny home, and 79% say they would be able to buy or finance a tiny home rather than a traditional starter home. Top 10 Most Popular States for Tiny Homes: 1. Vermont 2. New Hampshire 3. Maine 4. Wyoming 5. Washington 6. Idaho 7. Montana 8. Oregon 9. Rhode Island 10. Alaska

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