With limited supply and home prices steadily climbing, across the country there is a small yet growing movement: tiny homes. These living spaces have, on average, a footprint of less than 200 square foot - nearly a tenth of the size of a standard home. And while social media would have you believe that these miniature houses are all cute design and efficient living, the truth is that tiny homes come with their fair share of challenges in addition to the benefits.
"Tiny homes come with their fair share of challenges."
Perks and drawbacks
One of the elements that makes tiny homes so appealing is their price. These homes are significantly more affordable than a standard property, often costing as little as a down payment on a traditional home. Starting at under $10,000, they can be ordered from builders and basically arrive pre-assembled on your doorstep.
"A lot of people come to the tiny house movement because of finances," Ryan Mitchell, planner of a tiny home-themed conference in Asheville, NC, told CNBC's "On the Money" in an interview. "They are looking to get out of the rat race, to get out of debt, things like that and it seems like a lot of people stay because of the lifestyle."
Since the houses are constructed on trailer platforms, they can essentially be considered mobile homes, often circumventing some of the more limiting building codes in a particular municipality. Yet for the perceived affordably and convenience, the homes do offer some serious drawbacks.