LAS VEGAS (FOX5) — The tiny home trend is still getting interest from Las Vegas locals as people look for solutions to the housing crisis.
FOX5 paid a visit to the World of Tiny Homes Trade Show at the Downtown Las Vegas Event Center. Visitors are curious about how these homes work, how to live in them, where to live and how to navigate through financing.
“We’re addressing affordable housing, which is a huge concern right now. We’re also addressing affordable financing,” said Carolynn Le of Vegas Tiny Homes.
According to Zillow, the average home across the Las Vegas Valley costs $434,000. High interest and mortgage rates have dissuaded many people from buying a traditional property, for now.
By contrast, a tiny home could range from $30,000 to $60,000, according to Rocket Mortgage. Prices can run lower or higher depending on amenities and customization. Lower-priced tiny homes may be financed by personal loans.
One couple from Texas stopped by to look at tiny homes for their son graduating from college. The couple is considering a tiny home on their property.
“He can still be part of our home, but not actually inside of our home. This was just a great cost concept for us,” said mother Tonya Woodridge-Jarvis. “We were going to do a whole new renovation to our existing home for our son, but this is more cost-effective,” she said.
Many people explore the option of tiny homes for a range of reasons: affordability, a simpler lifestyle with smaller spaces and fewer belongings, eco-friendly living, and flexibility to transport the home.
In 2021, Nevada passed a law requiring cities with populations above 150,000 to create zoning laws for tiny homes.
There’s a range of factors to consider before you invest in a big move.
Where can you put a tiny home? Options include buying land, leasing land, living at a RV or tiny home community, or even putting it on your property.
There are examples of tiny homes across the Las Vegas Valley.
Downtown Las Vegas currently has a tiny home park.
An affordable housing development under construction in the West Valley will include tiny homes for seniors.
Last year, FOX5 interviewed a landlord who listed a tiny home for rent for $950 with all utilities included. The owner got an overwhelming amount of interest with more than 113 inquiries.
Local leaders and homeless advocates have considered tiny homes to quickly house people in need. Many other large cities already utilize tiny home communities to rapidly get people off the streets.
Le advises prospective buyers to research local zoning laws and HOA regulations.
Last year, FOX5 asked a number of local jurisdictions about their tiny home laws.
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