In case you have missed the news in real estate recently, there is a new trend that is sweeping the nation that should be investigated further: tiny homes. Simply put, tiny homes can help Americans save money on their living expenses through literally decreasing their living space. On average, a tiny home can range from 100 to 400 square feet, while the average American home sits at approximately 2,600 square feet. In general, a tiny home is 85% smaller than the average home. Keeping in mind that many people struggle with having too many items in order to downsize, why are so many Americans making the change to a smaller lifestyle?
Decrease The Cost Of Living
In today’s economy, it is not only difficult for many to save money, but nearly 75% of Americans continue to live paycheck to paycheck, making it nearly impossible to save their hard earned money. For example, when a person purchases an average family home, they oftentimes will apply for a mortgage to assist in the purchase. Most mortgages can take up to 30 years to pay off, essentially putting most Americans in some form of debt, just to have a roof over their head. On the other hand, nearly 68% of tiny homeowners do not have a mortgage, compared to only 29% of regular homeowners who do not have a mortgage. What does this mean, exactly? Not only can a tiny home help save money on living arrangements, but can actually save money in many instances.
The Ability to Simplify One’s Own Life
Most Americans would probably admit that they own much more stuff than they need to survive. For Americans who make the decision to downsize to a tiny home, the appeal of simplifying their lives was one of the biggest reasons for the switch. By buying a smaller property, homeowners oftentimes feel like it is easier to both get rid of unnecessary items, and avoid the temptation to purchase unnecessary things in the future. While some people do not need to literally downsize their living space to decrease the amount of stuff they own, they oftentimes find that having a barrier reduces their urge to constantly buy new things.
Reduces One’s Mark On The Environment
For many Americans, the idea that they can reduce their harmful impacts on the environment is what attracts them to a tiny home. Like regular homes, a tiny home will require power to run utilities, but the energy that is needed is significantly less than for a regular home. This saves both money spent, and reduces the amount of energy that was exerted to power the tiny home. This can provides both financial and environmental benefits, which is what appeals to so many Americans.
While more Americans are beginning to purchase tiny homes for various reasons, it is important for anyone who is thinking about it to weigh out all options. Living in a tiny home can be a big a adjustment for many people who may not have been used to a small, more self-sufficient living space can be difficult at first. The decision to move to a smaller lifestyle is one that should be well-thought out. Overall, living in a tiny home can be one of the most exciting adventures that an American has throughout their life, and can become a true home.