Size Small

A lot of people seem to buy a lot more house than they need. Some are also buying houses they can't necessarily afford. I grew up in a small bungalow with one bathroom. There were 4 people in my family. I am sure at times my parents would have liked more space, but we managed to get by. My parents weren't in debt up to their eyeballs and didn't have a credit card. They lived within their means.

According to a Globe and Mail report:  "in 1975, the average size of a house in Canada was 1,050 square feet. Fast forward to 2010 and new homes being built almost doubled to an average of 1,950 square feet. In 1999 the price of a home was 3.2 times income, this had ballooned to 5.9 times income in 2010."

I can't believe that people are spending so much of their income on housing. Also, imagine not having your house paid off when you are retired? To me that is really scary.

A view of my small (but efficient) kitchen.

Benefits of Small Space Living

1. Less to clean. I am slightly obsessive about cleaning. I couldn't imagine having to manage a larger space.
2. Lower carrying costs. We have a very low mortgage payment. Insurance, property tax, and utilities are reasonable. 
3. Less room for stuff. We simply don't have the room for a lot of things, so I think before I buy something and am constantly decluttering.
4. Not as much worry about rising interest rates. When we have to renew our mortgage, we don't have to worry about how we will afford it. If we had bought a house we could only afford because of a low interest rate, we might be in trouble.
5. Smaller footprint. Buying small means less energy consumed. Better for the environment!

Don't get me wrong, there are definitely drawbacks to a smaller space. But for the most part I am really happy with living small!