Despite the fact that people are having fewer children than in years past, the average American home swelled in size over the past decades. This fact, along with the rise of the “McMansion,” makes it easy to see that many Americans think bigger is better when it comes to homes.
Yet not everyone is a big fan of big homes. One group out there is advocating for smaller homes. Much smaller homes, in fact.
The Tiny House movement
The Tiny House movement is a self-described social movement with a focus on smaller spaces and a more simplified life. It is sometimes referred to as the Tiny Life movement.
A Tiny House is typically no bigger than 400 square feet. Yet they can be as small as 100 square feet.
Why live in a Tiny House?
Tiny House movement proponents cite several benefits of a drastic downsize. They include:
- More savings. It’s no secret that homeownership can be expensive. Most Americans spend anywhere between 25 to 50 percent of their income on their mortgage or rent. Home maintenance projects, renovations and repairs siphon even more money into the home.
The U.S. Census Bureau reports that the average American house costs $272,900. Meanwhile, a tiny house costs around $23,000. Tiny Home owners often do not need a mortgage or they take one out for a short amount of time. In fact, 68 percent of Tiny Home owners have no mortgage. Another benefit is lower monthly utility costs.
Perhaps it’s no surprise that research shows that, on average, Tiny Home owners have more money in savings than people who own traditionally sized homes.
- More time. With a Tiny House, you don’t have to spend as much time cleaning, repairing and decorating your home. This gives you more free time and less to stress about.
- Less environmental impact. A smaller house leaves less of a carbon footprint. That’s because you use less electricity, heat and possibly even water on a day-to-day basis. You’ll also use fewer materials to build, furnish and decorate your home.
Does the Tiny Home movement appeal to you? If so, make sure to consider all the pros and cons. (For instance, can you really live in close proximately to others all the time?)
Also remember that you’ll still want to insure your home against fire, theft, liability issues and more. So whether it’s tiny, sprawling or something in between, be sure to contact a professional like an Erie Insurance Agent to learn more about your homeowners coverage options.