Living in tiny homes is relatively new to the American lifestyle. There are nearly 10,000 tiny homes in America today, up from just a few hundred around five years ago. Many millennials are attracted to the idea of living in a home that is very affordable, often leaving the homeowners debt free. For young adults who are just entering the workforce, buying a house can be a large financial burden that many cannot afford, and tiny homes can be an affordable and smart solution.

Tiny houses have a wide range of uses beyond being a trendy little space to call home. Tiny homes have recently been used to provide temporary housing for hurricane relief in Florida and Texas. There are a few places around the country in remote areas where people have set up tiny home destinations that are off the grid where people can rent them much like a hotel. Some of the rentals are deep in forests or on snowy mountainsides.

The average cost of buying a house in America is $190,000, a price that is far too much for many people, while the average cost of buying a tiny home is anywhere between $20,000 and $35,000. Many people have built their tiny homes for as little as $6,000, but of course that is only possible if you have some construction knowledge and can bypass paying a contractor or dealer. The low cost of tiny homes gives many people the opportunity to become homeowners who might have never thought that they could ever afford a home.

Living in a tiny home promotes living a simple lifestyle. Having a home that is only 100 to 400 square feet limits the number of possessions a person can have. People living in tiny homes will be limited to buying only the pure necessities and nothing more because there is no room for anything else. There will be limited storage space so people in these homes will not have a huge closet full of clothes that they hardly ever wear. There will not be a big pantry full of food that never gets eaten and must be thrown away once it spoils. Living in a tiny home forces the owners to find the best uses for the small amount of space there is so there will be very little waste, which will save money for the homeowner. Another major monthly saving that the tiny homeowner will find is in utilities. Tiny homes are so small it makes utilities extremely cheap, usually costing around $50 to $100 per month.

In addition, tiny homes can be an affordable way for older adults to retire. Many adults are already living in a home that is too large. Selling their homes and buying a tiny home could be a way to help make retirement more affordable. Once someone who is retired starts living in a tiny home, they will save money and have a more frugal lifestyle that will help stretch out their retirement funds.

Tiny homes offer many opportunities that go outside of just a small space to call a home. They make their dwellers be mindful of their waste, what the real necessities are, and a way of life that helps save money and resources.

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Hayden Murry is a student of Intermediate Microeconomics at the University of Central Arkansas. The column has been vetted by Joe McGarrity, a professor of economics at the University of Central Arkansas. Contact him by email at joem@uca.edu.

Living in tiny homes is relatively new to the American lifestyle. There are nearly 10,000 tiny homes in America today, up from just a few hundred around five years ago. Many millennials are attracted to the idea of living in a home that is very affordable, often leaving the homeowners debt free. For young adults who are just entering the workforce, buying a house can be a large financial burden that many cannot afford, and tiny homes can be an affordable and smart solution.
    Tiny houses have a wide range of uses beyond being a trendy little space to call home. Tiny homes have recently been used to provide temporary housing for hurricane relief in Florida and Texas. There are a few places around the country in remote areas where people have set up tiny home destinations that are off the grid where people can rent them much like a hotel. Some of the rentals are deep in forests or on snowy mountainsides.
    The average cost of buying a house in America is $190,000, a price that is far too much for many people, while the average cost of buying a tiny home is anywhere between $20,000 and $35,000. Many people have built their tiny homes for as little as $6,000, but of course that is only possible if you have some construction knowledge and can bypass paying a contractor or dealer. The low cost of tiny homes gives many people the opportunity to become homeowners who might have never thought that they could ever afford a home.
    Living in a tiny home promotes living a simple lifestyle. Having a home that is only 100 to 400 square feet limits the number of possessions a person can have. People living in tiny homes will be limited to buying only the pure necessities and nothing more because there is no room for anything else. There will be limited storage space so people in these homes will not have a huge closet full of clothes that they hardly ever wear. There will not be a big pantry full of food that never gets eaten and must be thrown away once it spoils. Living in a tiny home forces the owners to find the best uses for the small amount of space there is so there will be very little waste, which will save money for the homeowner. Another major monthly saving that the tiny homeowner will find is in utilities. Tiny homes are so small it makes utilities extremely cheap, usually costing around $50 to $100 per month.
     In addition, tiny homes can be an affordable way for older adults to retire. Many adults are already living in a home that is too large. Selling their homes and buying a tiny home could be a way to help make retirement more affordable. Once someone who is retired starts living in a tiny home, they will save money and have a more frugal lifestyle that will help stretch out their retirement funds.
    Tiny homes offer many opportunities that go outside of just a small space to call a home. They make their dwellers be mindful of their waste, what the real necessities are, and a way of life that helps save money and resources.