As the cost of living continues to increase for many people, an increasing number of couples and individuals are choosing to transition their living space into a more compact area. This is giving rise to the revolution of the tiny home.
Lifestyles and needs are changing around the globe, with more individuals than ever wanting and opting for a life which consists of increased self sufficiency. An increased interest in wanting to live a simpler life, living in a smaller living space, purchasing locally grown food products, trying to be less wasteful, and so on. The tiny house movement has consequently exploded over the last few years, offering new and innovative ways to live in a more practical space.
The average American home is roughly 2400 square feet and the typical tiny house is roughly 100-400 square feet. The tiny houses promote simplified living, and they come in a variety of shapes, forms, and sizes.
The endeavor requires that residents downsize their living to just the basic essentials in order to fit everything they have into such a compact living space. The tiny house movement is gaining interest from those who are tired of living in a space that is too large for them, most of which is filled with consumerist junk they rarely use. Living in a tiny house offers you the incentive to free yourself of unwanted items that you own, a chance to declutter your life.
Millions of individuals and couples struggle yearly to afford their mortgage costs and all that comes along with being a home owner. The biggest perk of tiny living is that you can save yourself tens of thousands of dollars by opting for a more simple way of living. The majority of people living in a tiny house don’t have a mortgage: they own their home fully, and instead of funneling hundreds of dollars away every month toward loan costs, they have the opportunity to save their money for something else that they value. Over 50% of those who live in tiny houses have more savings than the average American, with a median of $10,972 in the bank.
The average cost to build a tiny house if built by the owner is around $23,000. The average cost of a standard-sized traditional home is roughly $272,000 with interest over thirty years on the loan bringing the cost to exceed $400,000. If you would like a custom built tiny home from an experienced builder and master craftsman, you might still be looking at a budget between $70,000 and $80,000 for your home.
This variety of compact living from tiny houses offers more people the chance to live a debt-free life, to use fewer resources, and to strive for a more stress-free existence while not taking up so much space.