Texas Ranked Among the Best States for Tiny Homes
Texas was ranked as the second-best state for tiny homes in a recent survey by financial services company IPX1031.
The metrics used by IPX1031 to identify the best states for tiny living include the average tiny home cost in each state, the cost of living index, median income, annual average temperatures, and park land coverage. Of course, the report took regulations and tiny home legality into consideration and excluded states with strict laws against building and living in a tiny home year-round.
“Sure, everything might be bigger in Texas, but that doesn’t mean your home has to be,” the report reads. “With an average tiny home cost of $48,120 and a median income of $64,034, you can get the most bang for your buck when it comes to tiny living in Texas.”
According to the findings, Texas is appealing for tiny dwellings due to its decent park land coverage of 0.95%, mild average temperatures of 66.0°F, and the relatively low average tiny home cost of $48,120.
In the overall ranking, the state of Georgia clinched the top spot. The following seven places on the list went to Texas, Kansas, Florida, California, New Hampshire, Colorado, and Michigan.
The last few years have seen a spike in demand for tiny homes and office spaces. The trend is being fuelled by the COVID-19 pandemic, which makes the flexibility and affordability of tiny living more appealing to investors.
Speaking of affordability, most tiny homes cost between $30,000 to $60,000, making it an ideal option for cautious buyers or those who are struggling to refinance their mortgages. Among the states on the list, Mississippi had the lowest price for tiny properties, averaging at $30,000, whereas Hawaii was the most expensive one with an average price of $93,333.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
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