Tiny Home for Financial Reasons 

The majority of individuals in my study identified finances as a significant factor in their decision to downsize. Home prices have increased significantly in the past few decades. As of September 2019, the average home price was $231,000. In response to rising housing costs, many have downsized to smaller homes-- including tiny houses. 

The price of a tiny home can vary greatly depending on the quality of the materials and amenities that the home provides. Some builders, such as Heartland Tiny Homes in Tennessee, sell their homes starting at $22,000. On the other end of the spectrum, some tiny homes like those built by Allswell are sold for over $100,000. These prices, of course, compensate builders for their time and ability to customize a home. 

To make a tiny home living even more affordable, one can choose to build it themselves. Do-it-yourself (DIY) tiny home builds are commonplace in the movement. The cost to build a home yourself can also vary greatly, though it tends to fall in the $20,000-$30,000 range. Some can be made for substantially less, however, like Jay Schafer’s $5,000 home. 

In addition to lower housing prices, tiny homes can lower your utility bills, as well. While there has not been a comprehensive study to determine average utility costs, those who shared this information in my research paid an average of $20 a month for their water, electric, and sewer services. Over time, these monthly savings add up and can become quite substantial. 

With increased costs of things like college tuition, many people have also opted for tiny house living to save aggressively for the future. In short, the financial benefits of downsizing are great and multi-faceted. 

Tiny Home Mobile Lifestyle 

Many relish the idea of having a mobile lifestyle and the ability to travel more. Tiny homes on wheels (THOWs) have become a popular option for those who want the flexibility to move.

As my research found, the majority of tiny homes are built on mobile trailers. For those who work remotely or travel often, this is a flexible housing solution. For those who are retired, this allows the flexibility to travel without being tied down by a larger home. I also found that most people who build their houses on trailers only move their homes when necessary, such as when they change jobs and relocate. That said, many regularly travel, like the Tiny House Expedition.

A mobile lifestyle also appeals to those who want the flexibility of responding to potential climate change impacts. One of the individuals I interviewed shared that she was very wary of natural disasters in her home state and wanted the ability to move at a moment’s notice. In her words, “I do not want to be stuck in one place, but I still want to have a place to call home.”