According to home organization website Apartment Therapy, average home sizes around the world differ dramatically, with the US and Australia in the lead:
US: 2,300sfAustralia: 2,217sf
How does your house measure up?
If you are currently concerned about your housing costs, here's some food for thought: our artificially low interest rates aren't going to be around forever. Many Canadians can remember the days of rates in 15-20% range (or higher) from the late 1970s and early 1980s, although a return to rates that high is unlikely.
However, can you afford the home you live in if your interest rate doubles or triples? Do you need as much space as you currently have? Is your money better spent elsewhere instead of on a big house, one that you may be unable to enjoy? Think about how many waking hours you spend in your home, considering employment, errands, activities, social engagements and sleep. Could a smaller home be the answer?
How much space does one person really need? The answer is different from person to person, family to family.
There is a movement towards smaller, more efficient living spaces.
Of course, there are those who go to an extreme, like these ten homes that are incredibly small. Take Jay, for example. He lives in a home that's under 100 square feet! Is that something you could see yourself doing?
Are there benefits for living in a small home? Yes, without doubt!
1) are more affordable to purchase
2) are easier to clean
3) enjoy lower property taxes
4) require less heat
5) need less furniture
6) have a better environmental footprint
7) force you to think about each new purchase, as it will use up precious space
8) are easier to sell
9) free up more yard space
10) have less maintenance costs and repairs
11) afford more time spent with those that you live with, because there is limited space to be in (this could be a benefit or a draw back.)
There are many benefits, as well as drawbacks. However, in a time when average family sizes are shrinking, this is one way to look at using your money more wisely by not living in a home that is bigger than you need.