The pandemic made many Americans dream of more space and scrambled to find it. Sales of large homes are booming. Little ones too.
These homes often measure no more than 350 square feet, or barely larger than a standard hotel room. They are mostly built in suburban backyards or converted garages on the West Coast, where new laws designed to alleviate the housing shortage in the region have encouraged their construction.
But it’s also for sale or rent in Maine and Vermont. They have appeared in Wyoming, Alaska, Georgia and Texas. Florida city officials have proposed zoning changes to allow this.
While it’s hard to keep track of all these mini-homes in the U.S., deals that include small homes or other types of guest apartments have increased by an average of 8.6% per year over the past decade, according to a study by Freddie Mac in July. There are now more than 1.4 million homes that many share with one of these units.
The high cost of housing is one factor. According to the National Association of Realtors, the average price paid for a home for the first time is about $ 266,500. It is out of reach for many younger owners. Small houses can be rented for about the price of a traditional apartment unit of the same size. For small homeowners, the units generate income or serve as guest houses. Owners often rent it out to university students or offer it to elderly family members so they can stay close by.