Skip to Content
Online Banking Login Online Banking Login

Tiny Home vs. Apartment: Is the Savings Worth the Hype?

Home Blog Tiny Home vs. Apartment: Is the Savings Worth the Hype?

Tiny Home vs. Apartment: Is the Savings Worth the Hype?

You may have already heard the buzz around the Tiny Home Movement and the people who are flocking to them, eager for a life-altering change. Turn on the TV and you can see the trend spreading with shows like Tiny House Nation and Tiny House Hunters. Swipe through Pinterest and you will see artistically crafted micro homes, each as unique as the next. With all of the hype, is building a tiny home really going to help you? Let’s find out as we run through the benefits of tiny living in comparison to their small counterpart: apartments.

 

Emotional Health

Small living can have a great impact on your mental well-being. Simply put, having less clutter frees up more time and energy for worthwhile activities. In many ways, you will be more limited on what can be held on to, but will have more room for making memories and not collecting things. Even in a studio apartment, knick knacks can pile up. With tiny living, there really is no option to collect items that do not have significant value or use. Psychologists have affirmed the psychological effect clutter can have and the unsettling impact that can even transfer to children. The simplicity and limited choice will make more room for loved items.

 

Decision Power

It is no secret that renting comes with giving up some personal rights. While with an apartment, you typically don’t have to worry about yard upkeep, but there are other limitations. In tiny homes, you aren’t limited by the authority of a landlord. You are able to personalize your home exactly to your preferences.  Would you like to use nails to hang up your favorite painting? No problem. You can cook up that spicy curry dish, without disturbing the senses of your neighbors. You may plant a garden on your property if you prefer to buy the lot on which your tiny home resides. Or, you can put it on wheels and place it by a lake. We should mention that there are some legislative gray areas in regards to zoning rules and tiny homes. However, as these become more popular, many towns are adapting and tiny home communities are increasing.

 

Financial Freedom

One large reason why people are opting for simple living is because of the savings they believe they will have. Around 50 percent of Americans are living paycheck to paycheck and any chance to lessen that cycle can be appealing. Depending on the extravagance, tiny homes can range from 10k-150k. However, those prices seem small compared to the average home price being more than $300,000.

 

Because of small square footage, your utility bill will be significantly lower than an apartment. Most tiny homes are built with the environment in mind so they are more energy efficient.  Because of the limited space, you will save yourself money on the impulse purchases you had before. You’ll know what is worth the space and what is not. Altogether, this will save you money and give you freedom from the financial constraints that apartments bring. You may have more money to spend traveling or paying off other debts, like student loans that plague millennials.

 

We hope this overview of tiny living has been helpful to you. If you are interested in looking at financing your new adventure, come speak with the professionals at Bank of Louisiana to look at some options!

 

Bank of Louisiana

Member FDIC

Equal Housing Lender

NMLS# 525630