Is Tiny House Living Right For You?

Tiny homes have become one of the fastest-growing trends in the US real estate industry in recent years. There are plenty of reasons for people to turn to tiny house living.

Because they require minimal land, lots of young professionals who are ready to start their lives outside of their family’s home are putting these small dwellings on family land, allowing them to enjoy freedom while saving money for their futures.

According to some recent studies, more than half of Americans (52%) have considered some alternative form of housing within the last year. With that in mind, there are approximately 10,000 occupied tiny homes in the US right now.

While that number seems small, it’s important to note that this number is significantly higher than it was only three years ago.

Are you considering tiny house living? While it’s certainly a viable option, it’s important to consider all of the pros and cons of tiny house living before making your move.

Fortunately, we’ve got you covered.

Benefits of Tiny House Living

Surely there’s a reason that tiny house living has become so popular in recent years. If you’ve been thinking about downsizing your living space, paring down your belongings, and moving into a tiny house, there are plenty of reasons that it’s a great move.

The Chance to Save Money

One of the biggest reasons that people choose tiny house living is that it affords them the chance to save some money. It’s no secret that the housing market in the United States is chaotic right now.

Because of the lack of inventory, sellers seem to have all of the leverage when it comes to setting prices. When you combine that with the sky-high interest rates, buying a home isn’t possible for millions of Americans.

When you also consider that rental prices are high and getting higher, it’s no surprise that 52% of Americans are considering alternative housing options.

The average price of a tiny home in the United States is $67,000, which is 87% lower than the average price of a single-family home. While tiny homes do cost more per square foot, that’s primarily because of the unique building process.

Tiny houses also give you the chance to save money thanks to the lower utility cost. Even with a specialized heating and cooling system, tiny home utilities typically cost around $50 per month, which is significantly less than people pay in a single-family home.

These opportunities to save money make it much easier for you to get on solid financial ground for the future. Even if you don’t want to spend the rest of your life in a tiny home, spending some time living in one is a great way to save some money while you save up for a bigger home.

You May Get to Travel

It’s important to note that not every tiny home is mobile. However, there are several models on the market that are built in a large trailer and can be moved from one place to another. Some of the most popular tiny home models are those that essentially work like an RV.

In the past, traveling was difficult because of work. However, during the COVID-19 pandemic, many people switched to remote work, and some companies have kept those practices in place.

With that in mind, “home is where the wi-fi is,” so you may be able to travel while living in your tiny home if you purchase a model that can be moved.

Taking advantage of the opportunity to travel while working and living in your own home is a great reason to invest in a tiny home.

Many people assume that they can’t travel until they retire, but tiny home living makes it possible to work full-time while reconnecting with friends and family from around the country, or seeing some of the places that you’ve always wanted to visit.

You Can Be Environmentally Friendly

Are you passionate about lessening your carbon footprint and doing what you can to help take care of the environment?

If so, tiny home living is a great way to further your efforts. In fact, if you want to take things to an extreme, you can easily build a tiny home that operates completely off the grid.

However, even if you’re not willing to give up most modern luxuries, tiny home living is significantly better for the environment than more traditional options.

We discussed the monthly utility costs associated with tiny homes earlier, but they’re worth mentioning again here. Most methods of heating and cooling a traditional, single-family home or an apartment complex have negative environmental impacts.

Since there’s less space to heat and cool, your tiny home will be more eco-friendly than larger homes. According to studies, tiny homes use around 54% less electricity than single-family homes.

Drawbacks of Tiny House Living

Unless you have enough money to build your dream home on your ideal piece of property, no living situation is perfect. With that in mind, it’s also a good idea to consider some of the drawbacks of tiny house living before making the switch.

The Laws Can Be Tricky

Depending on where you want to put your tiny home, you’ll probably need to spend some time researching local codes and zoning ordinances.

Some local ordinances require any residential structure to have a secure, concrete foundation. This obviously makes the idea of putting a mobile tiny home in some areas impossible.

Some states have laws on the books that make tiny homes illegal. In most cases, these laws are the result of some old laws that haven’t been changed in decades.

However, since most of these laws involve minimum square footage in order for a space to be considered a residential dwelling, you may be limited on where you can put your tiny home.

It’s a good idea to research zoning laws thoroughly, and you may want to work with a real estate attorney before committing to downsizing into a tiny home.

Moving Can Be Tricky

If your plan is to live in a tiny home and work remotely while traveling, you’ll need a vehicle that’s capable of pulling a trailer with a small house on it.

In most cases, this requires the use of a truck. The price of vehicles, especially trucks, has gone up in recent years along with housing and virtually everything else. Also, trucks require more gas than some of the more gas-friendly cars on the market.

If you don’t already have a truck or an SUV that can pull your tiny home on a trailer, investing in one will mostly negate the money that you can save by living in a tiny home.

This potential drawback of tiny homes doesn’t have to knock you out of the market, though. You just might not be able to travel with your tiny home if you don’t have a vehicle capable of pulling it.

Less Convenience

Tiny living is not always convenient. Before you move into a tiny home, you’re going to have to pare down your belongings. You’ll either need to store most of your belongings somewhere, donate them, or sell them.

This means that you won’t have a large closet full of clothes to choose from every morning. You may not be able to bring along some of the things that make your hobbies possible.

Additionally, everything about your daily routine is going to change if you live in a tiny home.

If you’re used to cooking meals in a spacious kitchen, you’re going to need to figure out how to adapt to a much smaller space. Bathrooms are one of the biggest differences that people notice when they go from a traditional home to a tiny home.

You’ll likely only have room for a small shower stall and a toilet, so your self-care routine will likely have to adapt.

Is Tiny Living Right for You?

The decision to live in a tiny home is not one that you should make lightly. While any type of change to your living situation requires a certain amount of adaptability, moving from a traditional home into a tiny home is a big decision.

However, you may find that the benefits outweigh any of the potential drawbacks.

Spend some time researching tiny home living. Reach out to people who have made the change and ask them about their experiences. When you’re fully informed, make the decision that’s right for you.