We first started hearing about tiny homes around 2004. As Pinterest and Instagram grew in popularity, interest in tiny homes skyrocketed in 2014. We couldn’t get enough of the unique designs, nomadic lifestyle and wondering are these tiny homeowners always happy?! Maybe it’s true: According to Tiny Society, 68% of tiny house owners don’t have a mortgage. Tiny house owners also have 89% less credit card debt than the average American and 55% more savings in the bank. Ready to jump on the tiny bandwagon? You’ll want to know the downfalls of going tiny before committing. Decide for yourself if the pros outweigh the cons.
Pro: No Mortgage
The price of owning a home is high across the country and those inflated listing prices are incredibility daunting to the average American. At the end of 2018, the U.S. Census reported that the average cost of a house was $362,400.
Tiny houses can range in cost, but the majority of tiny home buyers opt to pay between $30,000 and $40,000. If you do most of the labor yourself, you could keep the cost as low as $10,000. According to Tiny Society, 68% of tiny house owners don’t have a mortgage.