What once was a trend has become a social movement. Home ownership remains the American Dream and the Tiny House Movement has made this dream a reality for many Americans nationwide, that otherwise did not see home ownership as a possibility. Then there’s the other side of the movement.
The average American home is 2,100 square feet and the average tiny home is 186 square feet. Downsizing used to be a thing for “older” people, but that just isn’t true anymore. Now families are downsizing.
Tiny houses have enabled people to live a simpler life; therefore, giving them more financial freedom to do what’s most important to them. Keeping in mind that 76% of Americans who own their homes are also living paycheck to paycheck, it isn’t hard to understand why so many people have made the switch to tiny living.
Here are some tiny home facts surrounding this movement:
- 68% of tiny house homeowners have no mortgage compared to 29.3% of all U.S. Homeowners.
- About 2 out of 5 tiny house homeowners are over age 50.
- The average cost to self-build a tiny house is $23,000 while the average cost to build a standard American home is $272,000.
- 78% of tiny house people own their home compared to 65% of homeowners with traditional houses.
- 89% of tiny house people have less credit card debt than the average American.
- 65% of tiny house people have zero credit card debt.
- Per capita income for tiny house people is $42,038, earning $478 more annually than the average American.
- 55% of women compared to 45% of men own tiny houses.
With 70% of Americans trapped in debt, perhaps living “tiny” is the way to financial freedom.