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Tiny Home Financials – What Will it Really Cost?

With U.S. residents spending up to half their income on rent — and the average price of a new home being $371,200 — it’s no wonder more and more people are looking to downsize in an effort to save money. Developers hoping to solve the housing crunch have put forward ideas such as shipping container homes or even adult dorms , but tiny homes are still the biggest pull for everyday Americans.

Tiny houses are typically less expensive than traditional homes, but nailing down an average price isn’t as simple as it might seem. Like their larger counterparts, tiny homes vary widely in price because they’re diverse — they have different sizes, systems, materials, and construction methods. And, since their aren’t nearly as many tiny houses as there are traditional ones, gathering the data on pricing is slightly more complicated.

Property & Financing

If you’re building a mobile tiny home, you won’t need to worry about buying land. However, if you wish to build a permanent dwelling, you’ll need some land to put it on. Land prices vary widely; depending on where you live, you’ll spend anywhere from $1,500 to $196,000 per acre. Supply and demand dictate that the more interest there is in a given piece of land — and the closer you get to urban areas — the more expensive it’s going to be. Conversely, inexpensive land is lower priced for a reason. It may be remote, unstable, or undesirable for a number of other reasons. It’s incredibly important to do plenty of research before buying.

Financing for tiny homes is notoriously hard to get. Read More…