There is an increasing number of people who are looking to reduce their footprint by living in smaller homes. According to the National Association of Realtors, approximately 29 percent of repeat homebuyers downsized into smaller homes in 2013. This is a considerable amount of growth compared to the 22 percent of repeat homebuyers who downsized in 2010. Retirees are usually the main demographic to downsize their homes, but these days that is not the case. The demographic frequently seen downsizing are empty nesters. These singles and couples move into a smaller space in a more urban environment with high walkability scores. A typical American home is about 2,600 square feet. When downsizing, people are looking for homes that are about 1,700 square feet and smaller. If you are a first time downsizer, here are a couple of recommendations for your transition: • Consider a space no less than half the size of your current home. • Try renting a smaller space before committing to buying; transitions can be more difficult than expected.
If you are thinking about downsizing, check out The Tiny House Movement. These houses focus on smaller spaces and simplified living. The tiny homes are more sustainable and friendly to the environment, and utilities and mortgage bills are significantly reduced. Does downsizing seem like it’s for you? Read more literature about smaller homes here!