Is retiring in a tiny house in your future? It just might be. The tiny house and micro-apartment trend is often seen as the goal for environmentally minded Millennials looking to break out of the corporate grind and slash living costs. However, there is huge interest in tiny living from those approaching retirement age.
The main reason for the interest is price. Retiring in a tiny house can provide seniors and others on a fixed income, more disposable income and the ability to maintain an active lifestyle that still includes travel.
For older Americans who rely heavily on Social Security as their main or supplemental income source, the cost of living is the key. With the state of the economy as it is, statistics show that 60% of employees 55 and older have saved $100,000 or less towards their retirement. And that 24% have only less than $1,000. Both figures make a looming retirement a fearful time for many seniors.
Depending on location and style, tiny houses are relatively inexpensive to build, buy and maintain. And tiny apartments cost much less than larger rental units in the same area. Both options mean tiny monthly expenses as well, with no mortgage or rent and greatly reduced utility payments.
Tiny houses can allow seniors and retirees to live near family while maintaining their own independence. Granny units or tiny houses on wheels can be placed in the yard of a family’s home. They can be fitted with amenities such as grab bars, and wheel chair access if desired.
The appeal retiring in a tiny house or apartment allows residents the luxury of choice. With more funds freed up for enjoying life and less time required for home upkeep and maintenance, retiring in a tiny house can actually provide a time of renewed freedom and flexibility instead of a time of worry and frustration.