When you think of a dream home, you might picture a large mansion or a penthouse apartment or even an upscale cabin with lots of outdoor space. But for some consumers, the idea of a dream home is actually getting a lot smaller. Tiny houses can come in many different forms, from mobile houses to small spaces that just give homeowners a little more financial freedom. And those small homes are gaining popularity according to The Tiny Life. There are even some popular TV shows on networks like HGTV that cover tiny house lifestyles. So how many consumers are actually interested in living in tiny houses?
In Ask Your Target Market’s latest survey, 45% of respondents said they currently own a home. And of those who don’t, 69% said they would like to own a home someday. When considering a home purchase, 47% of homeowners and those who would like to own a home someday said that cost is their most important factor. 37% rated location as their most important determining factor. 6% rated quality as most important. Just 5% said that having enough space in a home is most important to them. 4% rated style as most important. And 1% rated resale or investment value as most important.
Overall, 28% of homeowners and potential homeowners said that they would be at least somewhat likely to be able to live in a tiny house consisting of less than 500 square feet. And 22% said that they would be at least somewhat likely to consider a tiny house for their next home purchase. Those who don’t currently own a home but would like to one day were slightly more likely to say that they’d be able to live in a tiny house, but not to say that they’d consider one for their next home purchase.
In general, 87% of potential homeowners said they value financial independence. 86% said that being able to avoid having a lengthy mortgage when buying a home would be a plus. 45% said that having the ability to move or travel with their home would be a plus. And 73% of respondents agreed that they would rather live in a small house with a good location than a large house in a less desirable location.
Currently, 60% of overall respondents said that they live in a house. 23% live in an apartment. 4% each live in a condo, townhouse and duplex or shared house. And 6% live in other types of housing such as mobile homes. Those who currently live in apartments were more likely to say that they would be able to live in tiny houses, but only slightly more likely to say that they would consider one for their next home purchase.
Generally, 56% of respondents said that they are satisfied with the amount of space they currently have in their home. However, 37% said they would like more space. And 7% said that they would like less space in their homes.
Although tiny houses aren’t of serious interest to the majority of potential home buyers, those who are interested were fairly likely to say that they’d consider one the next time they buy a home. When it comes to marketing those tiny houses, it seems that the financial independence they can offer could be a major selling point. If tiny house companies can show home buyers how much more freedom they’d have by avoiding huge costs and lengthy mortgages, they could entice even more consumers. And if those tiny houses are in desirable locations or have the ability to move to desirable locations, that could also be a selling point for those consumers who value location over the amount of space in a home.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on June 23 via AYTM’s online survey panel.