Americans are turning to tiny homes and portable living spaces to combat mortgage rates and sky-high real estate prices. As the owner of Companies That Buy Houses, real estate agent Riley Annen said she believes the trend is not just a passing fancy but a lifestyle shift driven by multiple factors. "With housing prices soaring and incomes struggling to keep pace, it's no wonder that people are turning to more affordable options.
There's something incredibly freeing about downsizing and living with less. And the idea of being able to pick up and move your home wherever you please? It's downright liberating," she added. The global tiny homes market is projected to grow by $4.82 billion at an estimated compound annual growth rate of 5.37% between 2023 and 2028, a market research report produced by Technavio indicated.
TikToker openhouseaustin revealed she financed an $89,000 tiny home with a down payment R.V. loan. The price included delivery, tie-down, a small deck, fridge, microwave, stove, washer and dryer and more. The 1-bed, 1-bath house is 399 square feet and includes a loft. "We bring in about 3,500 a month, which pays my entire mortgage," the social media account said. Luxury tiny homes have also become more commonplace and cropped up around the United States.
The camper includes a full-size bathroom, a built-in washer and a dryer. There is also one full bedroom and another bunk bedroom with a loft where all three children sleep. Freddie Mac's latest Primary Mortgage Market Survey showed that the average rate for the benchmark 30-year fixed mortgage increased to 6.64% this week, up from 6.63% last week. The 30-year average rate was 6.12% a year ago. At the same time, the rate on the 15-year fixed mortgage edged lower, averaging 5.
This is ultimately driven by economic reasons, the biggest one being the double whammy of rising prices and tight inventory. This mainly affects the younger strata of would-be buyers, who are increasingly being outpriced in many markets," he said. GET FOX BUSINESS ON THE GO BY CLICKING HERE