I live in a nice, sprawling ranch house that has four bedrooms and three-and-a-half baths. I have a huge living area with an office, a dining room, and a kitchen that still makes me smile. My 2,500-square-foot ranch feels right to me. However, all of this space costs money. Sometimes, lots of money. The electric bill aside, maintaining this home can sometimes be stressful.
Recently, I’ve noticed a trend of downsizing when it comes to home purchases. But could I really take my three children and live in a smaller house? Could we share one bathroom? Could we get rid of all of our stuff?
The honest answer is: yes! People have done it for generations. The prairie homes and log cabins of yesteryear were not sprawling mansions where everyone had their own space. They were small, functional homes that were shared by the entire family. It is only in the last few generations that we have decided that bigger is better.
It is also in these generations where we have had mortgage crises and the phrase ‘living beyond our means’ has become commonplace. So the question becomes, could you downsize to a smaller house to re-evaluate your finances?
The Benefits of Downsizing
Putting the Money Toward Better Use
I’ll admit, I look at the well-built and creative use of space of a tiny house online and I almost wish to move to one. The price tag that is often less than a nice car draws me in as well. With the virtual freedom from a high mortgage payment, I could save for college funds and weddings, thus starting them out in adulthood with no debt — something that might seem like a pipe dream with a 30-year mortgage. I could travel the world with the kids and give them different perspectives on life.
More Family Quality Time
The other benefit to having the four of us – and our three dogs – move to a tiny house is that the kids would grow up closer to each other. They share a room now but with all four of us sharing a tiny space, we would learn the value of our relationship.
Re-evaluate Your Finances
Re-evaluating your finances often starts with looking at your largest bills. Since a huge chunk of money goes to housing costs, the tiny house is a solution that we could all learn to live with as it could cut your mortgage in half (or even more). A smaller house also means that you’re spending less on electric bills as you have less rooms to light and heat. Every penny adds up, so the less square footage you have, the less you might have to pay in the long run. The question is, are we all brave enough to try it?
Some of Our Favorite Tiny Homes
If you’ve ever watched Tiny House Nation then you know that there is a trend in downsizing homes in the U.S. housing market. If you’re looking for more financial freedom, a simpler lifestyle (and even a reduction in your carbon footprint), then consider living in a house that’s 500 square feet or smaller. Here is a list of some of our favorite petite size abodes to get you thinking!