Inside Luxury Tiny Homes: Millennials, Retirees Bucking Mortgages and McMansions
The housing market is 67% back to “normal” according to Trulia’s Housing Barometer and the post-crisis recovery is on-track, according to the latest home price figures from Case-Shiller. But these gauges may be missing a “tiny” but growing slice of today’s housing market.
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For example, Ella Jenkins of Frazier Park, California, is a 23-year-old “homeowner.” She built her own house, and it has everything she needs. There’s just one catch: it’s only 130 square feet and it’s built on wheels (i.e. a trailer). The home cost her $16,000 to build, and she constructed it with her father in the driveway of her family’s home. It was a yearlong D-I-Y project, but a tiny home with no mortgage or rent means she has the economic freedom to pursue music and art. She won’t get forced into a career path she doesn’t want. (See the video above for a tour of Jenkins’ house.)
Jenkins is not alone. She represents a growing number of people that are opting for “tiny house living,” according to Tumbleweed Tiny House Company. Tumbleweed is a Sonoma, California, company that teaches workshops all over the country on how to build tiny homes – which have grown in popularity in recent years. They also offer tiny house floor plans and are building for people that want their “houses-to-go” readymade and delivered.
In the above video, chief marketing officer Debby Richman tells The Daily Ticker where the growth in this trend is coming from and how tiny living actually works compared to a "normal" home.
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Richman says when the company was started in 1999, people were learning to build tiny homes because they wanted to get off the grid for ecological concerns. Fast-forward to the financial crisis -- in the years since Richman says people are also buying them for economic reasons. For example, to shed a big mortgage and move into a smaller home, or to house a family member instead of remodeling.
What’s new now is people want them to be livable and stylish. She tells us “the actual aspects of living are not ‘roughing it’ anymore.” Regular toilets, showers, and kitchens? You bet. (Check out the video for Richman’s explanation of how the plumbing works and photos of how the bathrooms actually look.)
But where do people park their little house on wheels? Richman says they either buy land or rent it, or she sees people put them in their backyards for a young college graduate or elderly parents. She says even the concept of “tiny home communities” is taking shape.