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Tiny House: Target Market Analysis
The tiny house market for homes "typically between 100 and 500 square" has a wide demographic outreach in terms of its age range: "Millennials, who have limited funds and might not be able to afford a traditional mortgage because they have to pay off college loans; and Baby Boomers, who are retiring and seeking ways to stretch their pension by finding affordable homes" (Hyde n.d.). The concerns of both groups are strikingly similar. Idealistic Millennials embrace the environmental benefits provided by such homes and Baby Boomers are seeking to save money on utilities. However, demographically, the impressive size of the Millennial generation makes this an even more attractive potential target market: "By sheer numbers, the 75 million members of the millennial generation overtook baby boomers last year" (Lee 2016). Slice of Heaven's emphasis on the luxury market of tiny homes would allow both demographics to enjoy homes in gated communities where they can associate with like-minded individuals yet still pay a fraction of the cost of a standard-size home in such a neighborhood. "Those in tiny houses are often well-educated (with many being artists and writers, and the majority of those surveyed saying they had at least some college education), with...
Particularly for couples who do not want children immediately or whose children have grown up, tiny houses allow buyers to have the privacy of their own structure without many of the financial burdens of ownership. The placement within a community which allows community sharing of amenities such as fitness facilities further allows a balance between the financial benefits of small home ownership and many of the perks of still owning one's own structure.
Customer/Consumer Analysis
Millennials are questioning their parents' traditional assumptions that home ownership is always an unquestioned benefit, financially and personally. "Developers have been catering more and more to affluent baby boomers, building larger and more expensive dwellings, which makes buying a first home even more difficult…
References
Hyde, R. (n.d.) Tiny house movement: Making market opportunities. Investopedia. Retrieved from: http://www.investopedia.com/articles/investing/092815/tiny-house-movement-making-market-opportunities.asp
Lee, D. (2016). Why millennials are staying away from homeownership despite an improving economy. The LA Times. Retrieved from: http://www.latimes.com/business/la-fi-0301-housing-economy-20160301-story.html
Patel, N. (2015). Tiny house, big benefits: Freedom from a mortgage and worries -- and stuff.
The Washington Post. Retrieved from: https://www.washingtonpost.com/lifestyle/magazine/tiny-house-big-benefitsfreedom-from-a-mortgage -- and-stuff/2015/06/23/f8f706f0-0acc-11e5-9e39-0db921c47b93_story.html
http://www.newyorker.com/magazine/2011/07/25/lets-get-small
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