The global market for tiny homes is predicted to grow by $4.82 billion from 2024 to 2028, with an estimated compound annual growth rate of 5.3%, according to a new forecast published by Technavio.
The growing popularity of tiny homes is attributed to their lower construction costs – tiny homes in the U.S. typically cost between $10,000 and $30,000, compared to $200,000 to $300,000 for new site-built residences. The use of 3D printing technology in creating these homes and regulatory support for zoning laws is enabling the growing popularity of this housing sector.
“Mobile homes play a critical role in the affordable housing market in various countries,” said the research report. “In 2018, the mobile homes segment was the largest, valued at $9.38 billion. The rising costs of conventional housing in many countries are expected to drive further demand for mobile homes over the next five years. Young people struggling to afford traditional homes and retirees looking to optimize their savings are key drivers of this demand.”
However, the report also noted the demand for tiny homes is greater in developed economies. Within developing economies as well as more advanced economies including China, Japan and Eastern Europe, fewer people are aware of tiny homes and many countries lack the necessary infrastructure to support their creation.
“To overcome these challenges, vendors must educate people on the benefits of tiny homes, especially their affordability, before entering these markets,” said the research report. “This education effort may slow the growth of the global tiny homes market during the forecast period.”
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LOL, elections have consequences and your standard of living will be reduced with no complaints about your government, which caused it. When you hear “affordable housing” you better run. Every blue hellhole city in America is chock full of “affordable housing.” All my life I have felt bad for the people in the other countries who have to drive tiny cars because their governments are so corrupt they have no money to pay the taxes and sky high gas prices. Europe and Latin America come to mind…
If this does occur things in property taxes will have to change. I have sold 7 people’s homes so they could go to a tiny home. Four of those people lasted less than 18 months, 2 lasted less than 9 months and one lasted 2 years, however, she had a covered carport, covered patio and 3 storage buildings double the size of her tiny home. They are clearly not for everyone. Those that fit the lifestyle will still want the typical community services, schools, police, fire and ambulance, animal control, etc. The challenge there is this, if the average real estate property tax per residence in a county is say $3,000 annually and suddenly a large amount of tiny homes show up and their property taxes are $400 annually or are not taxed as real estate due to them being portable, for those that are, the county still has to provide those. I understand the appeal but the numbers do not work.