Two articles caught my attention today. The first was a blog post by National Association of Home Builders economist Robert Dietz titled “Single Family Home Size: Flat Trends”. Mr. Dietz reported that according to third quarter 2015 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area fell from 2,478 in the second quarter to 2,445 square feet. Average (mean) square footage for new single-family homes fell from 2,704 to 2,653 for the third quarter. Since cycle lows in 2009-2010 and on a one-year moving average basis, the average size of new single-family homes has increased 13% to 2,693 square feet, while the median size has increased 17% to 2,472 square feet.
The second article arrived in an e-newsletter from Builder magazine. That article was titled “FOUR PLANS: TINY HOMES FOR REAL LIFE” and featured four plans ranging from about 700 to just under 1,000 square feet. Two of the plans include two-car garages.
While the larger homes obviously reflect current market trends, I couldn’t help but wonder if there is actually a market for the “tiny” homes. The article suggested they are suitable for a wider range of situations that might include a young childfree couple wanting a simple bungalow, a small family wanting an affordable first home, or a multi-generational family building an in-law cottage to go behind a larger family home.
I’d like to know what you think. Would you buy a “tiny” home?