1. Tiny houses
For those who believe that less is more, tiny homes might be good fit. These homes typically encompass 100 to 400 square feet, according to the National Association of Realtors.
Typically, they include a kitchen, a dining and living space, and a sleeping area. They can be set on foundations, but they often have wheels that make them towable.
Macy Miller, an architectural designer in Boise, Idaho, lives in a 232-square-foot home with her partner, two children and a dog. She built the home in 2011 at a cost of $11,416.
“My background is in architecture,” she tells Money Talks News. “I thought it would be a challenge to live in it. It turned out that it wasn’t at all. I love it.”
Today you could expect to spend $28,000 to $30,000, on average, if you build such a home yourself, Miller says. It could be twice as much if you hire a builder.