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Is it Cheaper to Rent or Buy a Tiny Home?

Filer Tiny Home with Green TrimIf you are trying to decide between renting a Filer apartment or obtaining a tiny home, probably the first question you may ask is, “Which is cheaper?” The answer to this question depends on multiple aspects, such as the size of the tiny home, the location of the house or apartment, and the cost of living in each location. In this post, we will compare the cost of living in an apartment versus buying a tiny home and give you tips on which option is best for you!

When Size Does Matter

The size of a tiny home is one of the key factors that will affect the cost of living in it. Tiny homes are often much smaller than apartments, indicating that they require less energy to heat and cool. They also often have fewer amenities, for instance, a washer, dryer, or dishwasher. However, this also means you will have less space for your belongings. Unless you love living minimally, you may need more storage space, which will cost more monthly expenses. If you have a lot of things or love having room to spread out, then a tiny home may not be the best decision for you.

Location, Location, Location

The location of an apartment or tiny home is another critical thing to consider. Apartments in big cities are usually more expensive than those in smaller towns or rural areas. This is because the cost of living in a big city is often higher. If you are hunting for an apartment in a major city, be prepared to pay more rent than you would if you were looking for an apartment in a small town.

The same thing is true of a tiny home. Depending on where you plan to reside, obtaining even a tiny lot to build a tiny home could be a major expense – and that doesn’t cover the cost of the house itself! Even though a tiny home will cost less to buy or build than a larger home, it will still require either large amounts of cash upfront or a loan, meaning you’ll be making monthly payments rain or shine.

Cost of Living

The cost of living in an area is also something to take into account when determining whether to rent an apartment or buy or build a tiny home. Finding land to construct a tiny home might be troublesome if you prefer to live in a city, which usually means relocating to the outskirts or rural areas instead. The cost of living in a rural area is often lower than the cost of living in a big city. This means you will surely save money if you buy or construct a tiny home in a rural area. However, the cost of living in a rural area may also mean fewer job opportunities and amenities. You may also need to drive many miles to work, shop, or see local events, and you will likely need to own a car since public transportation isn’t accessible in many rural areas.

On the other hand, renting an apartment in town could save you huge cash in travel expenses over the long term, mainly if your town provides reliable public transportation. Those savings may offset the higher rent you pay for a convenient, close-to-everything location.

So, is living in an apartment or a tiny home reasonably priced? It all comes down to personal preference. You will need to recognize what is most important to you and weigh the pros and cons of each option before making any decisions.

However, if you are seeking a new place to reside, contact a Filer property manager at our office. We have rental homes that may deliver the best combination of size, location, and cost for your needs. You can contact us online or call 208-734-4001.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

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