If you are a fan of HGTV then you might have seen the show “Tiny Houses,” that features the downsizing craze. In fact, the average size of a tiny house is only 186 sq/ft while the standard US house is around 2,100 sq/ft. The tiny house phenomenon redefines what makes a house a home and empowers the people for a better future, which ultimately leads a movement that breaks the mold of everyday living. Tiny house people come from all walks of life and have just decided to not live beyond what they really need. If you are thinking that the tiny house craze is utterly ridiculous, don’t count it out just yet! Here are a few statistics that might change your mind.
You Can Bank On It
Unlike 30% of average U.S. homeowners, 68% of tiny house owners have no mortgage. Considering the average cost of a tiny house is around $23,000, where the average cost of a standard sized home is approximate $272,000. Add $209,704 interest on a 4.25% 30 year loan and it is $481,704. That is quite the difference. Plus 55% of tiny house people have more savings than the average American, with a median of $10,972 in the bank.
In today’s world where prices keep climbing, it is incredibly important to save where you can and with less house you get less maintenance. For example, 89% of tiny house people have less credit card debt than the average American. 65% of tiny house people having 0 credit card debt. Since this tiny house idea is genius it is no wonder tiny house people are twice as likely to have a masters degree and they earn $478 more on average, totaling $42,038 a year.
As you can see there are a ton of reasons why you should consider downsizing to a tiny house. Plus if you can change your location, many tiny houses can be hitched up to a truck and towed anywhere!