Home prices and mortgage rates are offering little relief to buyers. As housing costs continue to rise, people are looking for more affordable alternatives to the classic single family home with a 30-year mortgage.
One of the smart homeowner moves you could make right now is looking into housing options that might seem unconventional but will allow you to save money.
Want to find a way to live both comfortably and cheaply despite skyrocketing housing costs? Here are options that will help you keep more money in your wallet.
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Live in a mobile home
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Mobile homes may not be as cheap as some other housing alternatives, but at an average of $148,000, they are still significantly less expensive than a traditional home. You'll also have the option to include as many amenities as you like, making this a comfortable, welcoming environment.
Work as a live-in nanny
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Being a live-in nanny comes with some perks — specifically room and board. If your priority is not spending money on housing right now, then this could be a wise opportunity to pursue.
Move into a co-housing community
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Co-housing communities are often places where some spaces, like kitchen and living areas, are shared, while bedrooms and bathrooms are private. These are often less expensive than traditional apartment buildings. Plus, you may save on costs related to childcare or food prep if there are others to help out.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1 <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Live in an RV
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There's always been a little bit of romance in living the van life. In reality, this takes a commitment to minimalism and an ability to plan ahead when it comes to where you're staying. But, considering you can buy a used RV for about the same price as a used car, this is an effective way to save money on putting a roof over your head.
Rent your spare bedroom
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Make your mortgage more affordable by renting out a spare room in your house. This can help cut down your housing costs by having a roommate pay a portion of your mortgage. Don't feel bad making them pay half if their bedroom is the same size as yours – you both have equal rights to the common areas.
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Live in a relative's basement or guest house
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If you have a generous friend or family member who's willing to let you stay with them for a period of time, that can be the best way to cut your housing costs. They may not charge you market rate — or charge you at all — and you can focus on bulking up your savings in the meantime.
Move into a tiny home
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Putting down roots with a tiny home can be more affordable than purchasing a house. You might find a small plot of land that's perfect for a 300-square-foot house, or you might have a relative who's willing to let you make a home on their property. Typically, tiny homes will run between $30,000 and $60,000.
Turn a bus into a home
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Rather than purchasing a traditional mobile home or RV, you can also build your own home on wheels from scratch. For savvy DIYers, this is a cost-effective option that can be done by picking up a used school bus for cheap. Expect to spend up to $10,000 on the bus (but possibly much less) and up to $30,000 on the conversion.
Rent an ADU
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Whether it's a guest house, a pool house, or a converted shed, renting an accessory dwelling unit (ADU) on someone else's property can be a cost-effective way to find a comfortable home. You may find something on a large piece of land with relatively low rent, so you can focus on hitting your savings goals and someday be on the other end of the transaction.
Earn cash back on everyday purchases with this rare account
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Live on a house boat
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Take to the sea for a more inexpensive way to live. You can likely find an affordable house boat for under $10,000. Then, you'll just need to find a boat slip to dock it. This could make your monthly housing expenses incredibly low, and you'll have the freedom of following good weather and good tides.
Bottom line
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In the United States, 62% of Americans are homeowners. If you already own a home and don't need to pursue cheaper living accommodations, then another savvy homeownership move is to tap into your home equity to improve your home. This way, when you're ready to sell your home and move into a cheaper space, you'll be able to get the maximum dollar amount from the sale.
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