Maybe you can’t imagine being financially chained to one house for the rest of your life — or at least for the next 30 years it takes to pay it off. Perhaps you’re looking for a new adventure, or you want to practice minimalism in every way. You might have heard the rumors that living in a house the size of some people’s walk-in closets can save you tons of money. Whatever your motivations, you’re seriously considering leaving a traditional apartment or three-bedroom home in favor of a home on wheels or one that’s more like a typical shed than a fully outfitted house.
But how much money can you really save living in a tiny house? It’s trendy and chic, sure, and there’s plenty of other people taking the plunge too — even if they’re mostly found on HGTV shows. Still, there are some very real trade-offs to living in a tiny house that won’t be huge cost savers as well. Before you decide to part with your sentimental knick-knacks and put your dining room table up for sale, make sure you know exactly how much money you can save by going a non-traditional route.
You might be able to save a fortune, but you might also spend more money in budget categories you didn’t expect. Here’s a breakdown of the most common costs and savings of living in a tiny house.