Did you know that there exists a whole sub-culture of people who live in tiny houses? I don’t mean tiny like one bedroom, one bathroom. I mean tiny as in about 400 square feet, total. When I learned about this new and unique form of living I thought, why would a person want to live in such a small space? According to TheTinyLife.com, tiny houses focus on smaller spaces and simplified living. Their research shows that there is a large percentage (76% to be exact) of Americans who are living paycheck to paycheck because a large portion of their salary goes toward paying their mortgage. Those who live the “Tiny Life”, save more money monthly as well as annually and they pay off their mortgages much quicker. Let’s look at some of the facts presented to us by the Tiny Life people:
- 78% of tiny house people own their home, compared to the 65% of homeowners who have traditional houses.
- The average cost to build a tiny home is approximately $23,000. Compare that to the estimated $272,000 cost of the standard sized American home.
- Because of the small spacing of a tiny home, heating and cooling costs are significantly lower than the heating and cooling costs of a standard home.
Tiny House Means Savings
Think of the savings! The tiny house crusade is fairly new but it is quickly receiving the favor of Americans. There is a growing number of websites, blogs, news articles, and even television shows that have information on how to start building and/or looking for a tiny home. Besides the obvious financial factors, there are lots of beneficial aspects for people who are looking into purchasing or building tiny homes. Millennials for example are investing in these tiny homes because a lot of them have student loan debt from here to Timbuktu. The stress of repaying student loans can be lessened when your home expenses aren’t buried so deep into your pockets. Single men and women are also an ideal audience for the tiny house market because many single parties find that there isn’t a relevant need for much space for someone with no children and no spouse. Seniors benefit from tiny homes for similar reasons; with an empty nest and no true need for the extra space, they can downsize to a tiny home.
The financial and liberating benefits that come from downsizing make tiny homes worth the transition. Even if a tiny house isn’t quite the house for you, it’s a trending topic for those who are interested and it’s a wonderfully new idea for those who choose to take part.