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How Much Does a Tiny House Cost?

A tiny house is between 100 and 400 square feet, which is tiny compared to the typical American home of 2,600 square feet. Yet, many Americans are opting for these homes in order to live more efficiently.

If you’re wondering how much a tiny house costs, read this comprehensive breakdown detailing specific costs of building your own tiny home.

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Materials

The average cost of building a tiny house is $23,000. However, this is much more cost-effective than buying an average-sized home. Building a house from scratch—no matter the size—requires a lot of up-front costs.

Here is a breakdown of the cost of tiny house materials: 

Though the cost of tiny house materials adds up, buying quality materials is doable when you’re building a tiny home.

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Insulation

The cost of insulating a tiny home is no different than insulating an average-sized home. The overall cost depends on how you plan to insulate your home. You have a variety of options to choose from including fiberglass, spray foam and rigid foam.

Weigh the pros and cons of value and ease against the various prices—since some are more expensive than others.

Electricity and Plumbing

Appliances can be expensive, with some costing anywhere from $1,000 to $4,000. Plumbing for a tiny house typically costs around $2,000 and installing electrical will cost around $500.

After paying for these initial costs, homeowners will save on electricity, as well as cooling and heating since tiny homes are more energy-efficient than regular-sized homes. While people pay an average of $110 per month for utilities, you can expect to pay as little as $10–$35 per month in a tiny home.

Labor Costs

You could build a tiny house yourself, but assuming you don’t have the time or the skills to do so, you’ll likely outsource some of the work. You might have to pay for cabinet installation, plumbing and roofing.

This could easily cost $13,000 or more, depending on what you’re willing and able to do yourself.

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Price of Land

One expense that is included in buying a home isn’t in a tiny home: the price of land. Having the ability to pick up and move at any time is a huge perk with a tiny house, but you need to find a piece of land where you can legally park your home. 

Therefore, you should consider the following costs:

Cost-Effective Living

Though the initial costs may seem high, many tiny house owners find that they save significantly more than they would if they lived in an average-sized home.

With more than 26% of working-class Americans spending more than half of their income on rent, a tiny house doesn’t seem like a bad option.

Save for Your Tiny House with Synchrony Bank

Before joining the tiny house movement, start thinking about the cost of a tiny house and begin saving. Though you might have a budget in mind, there are always unexpected expenses to consider.

In order to maximize your savings and prepare for building costs, consider opening a high yield savings account that’s FDIC-insured up to $250,000, per depositor for each ownership category. 

Call 844-345-5789 or open an account today and learn more about how we can best prepare you for the costs of building a tiny house.

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Sources:

House Method: https://housemethod.com/house-tours/durham-tiny-house-tour/ 

RealtorMag.com: http://realtormag.realtor.org/daily-news/2017/07/11/real-costs-tiny-homes

Money.good.is: https://money.good.is/features/price-check-tiny-houses 

TinyHoueBuild.com: https://tinyhousebuild.com/insulation-options-for-tiny-houses/

Eyeonhousing.org: http://eyeonhousing.org/2015/03/average-monthly-electrical-bill-by-state-2013/

Tumbleweed Houses: https://www.tumbleweedhouses.com/tiny-house-lifestyle/13-ways-a-tiny-house-can-save-you-378-a-month-or-more/ 

Business Insider: http://www.businessinsider.com/how-much-a-tiny-house-really-costs-2016-6

American Tiny House Association: http://americantinyhouseassociation.org/state-regulations/

CBS News: https://www.cbsnews.com/news/more-working-class-families-spend-half-of-income-on-rent/


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