A barndominium is a large, barn-like structure with an incorporated living space.
The concept (a portmanteau of “barn” and “condominium”) differs slightly from a classic barn conversion. A barndominium retains an open-plan functional space. And the building often serves a dual function as a workshop or storage space.
One benefit of the barndominium style is the cost. For the basic structure plus incorporated living quarters, prices can be as low as $20 per square foot.
Another advantage is the relatively simple construction process. For example,
Worldwide Steel Buildings sells barndominium kits designed to be DIY friendly.
The company’s revenue grew 47% last year, up to $24.3M. And the CEO Jeff Snell described barndominiums as a “hot seller”.
In fact, Snell has predicted that barndominiums will account for 40% of company growth over the next 5 years.
What's next:
Barndominiums are part of the novel housing solutions meta trend.
Housing supply in the US tied a historic low last year. In fact, the ratio of houses for sale to houses sold dropped as low as 3.5 (and has not significantly recovered since).
As a result, would-be homeowners are getting creative.
Modular construction refers to “flat-pack” housing that can be assembled on site.
The global modular construction market is worth an estimated $75.89B. And that’s forecast to grow to $114.78B by 2028.