August 25, 2024 • 21 mins
Ever wondered how downsizing could lead to a richer, more fulfilling retirement? Join me, Kevin Bass, as I share my personal journey transitioning to a tiny home, and uncover the secrets behind affordable retirement housing options. Discover the benefits and limitations of tiny homes, including their minimalist appeal and financial advantages, but also the challenges they pose. By sharing my first-hand experiences, including a stint in a used mobile home, I promise you will gain valuable insights into achieving financial freedom and a higher quality of life in retirement.
Explore the flexibility and affordability of mobile homes and get a glimpse into the supportive, cost-sharing world of co-housing communities. Learn how these alternatives can serve as viable solutions for retirees looking to escape the financial burdens of traditional housing. Hear about the downsides of mobile homes, such as depreciation and weather risks, balanced with the strong sense of community and shared expenses found in co-housing setups. Whether you're nearing retirement or planning ahead, this episode is packed with actionable advice and real-life examples to help you make an informed decision.
Send us a Text Message with your questions, comments or ideas for future episodes.
Don't forget to visit our website at https://lowincomerichlife.com for additional resources, show notes and links to everything we discussed today.
You can also join the conversation in our Facebook group at www.facebook.com/groups/lowincomerichlife for more updates and retirement tips.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Today we're diving into a topic that's crucial for
anyone planning their retirementhousing.
Now, as we all know, housing isone of the largest expenses
most people face, and it doesn'tget any easier in retirement.
But the good news is that thereare plenty of alternative
housing options out there thatcan make retirement not only
more affordable, but also moreenjoyable.
In today's episode, we're goingto explore some of these
(00:22):
options from tiny homes tomobile homes, co-housing
communities and more.
We'll look at the pros and consof each, share some real-life
examples and help you startthinking about what kind of
housing might be right for yourretirement.
Whether you're alreadyconsidering a move or just
starting to think about thefuture, this episode is packed
with information that can helpyou make a smart, informed
(00:44):
decision.
So grab a cup of coffee, settlein and let's get started.
Welcome to Low Income Rich Life, the podcast that helps you
prepare for a secure andfulfilling retirement, even on a
limited income.
I'm your host, kevin Bass.
Each week, we'll explorepractical tips and strategies
for getting out of debt,lowering expenses, living a
(01:06):
simpler life and finding truecontentment, whether you're
nearing retirement or juststarting to plan.
Join me as we navigate thejourney to a brighter future.
Let's discover together how tomake the most of our golden
years without breaking the bank.
When it comes to retirement,housing is a big deal.
In fact, for most people, it'stheir largest expense, and
(01:26):
managing this cost is key toliving comfortably on a limited
income.
That's why it's so important tothink carefully about your
housing options before youretire.
Let's talk about why affordablehousing matters so much in
retirement.
When you're living on a fixedincome, whether it's from Social
Security, pensions or savingsmoney can be tight.
Every dollar counts, andfinding ways to reduce your
(01:47):
housing costs can make a bigdifference in your financial
security and your peace of mind.
Lowering your housing expensesmeans more money in your pocket
for other essential needs likegroceries, medications and even
the little things that bring joyto your day-to-day life, and it
also gives you a cushion tohandle the unexpected, because,
let's face it, life can throwcurveballs.
Joy to your day-to-day life.
And it also gives you a cushionto handle the unexpected,
because, let's face it, life canthrow curveballs, whether it's
(02:08):
a medical bill or a sudden homerepair.
But it's not just about thenumbers.
The place you call home plays ahuge role in your overall
well-being.
It's where you'll spend most ofyour time, especially as you
get older, so finding a housingsolution that's both affordable
and comfortable is crucial foryour physical and mental health.
Here's the thing Findingaffordable housing in retirement
(02:30):
might require thinking outsidethe box.
It's not always about stickingwith the traditional route.
Sometimes the best option mightbe downsizing, embracing the
minimalist lifestyle of a tinyhome, or finding community and
support in a co-housing setup.
There's no one-size-fits-allanswer, but by exploring
different options you can findthe one that's right for you.
(02:51):
Let's start with one of themost talked about trends in
affordable living today tinyhomes.
You've probably seen themfeatured on TV shows or in
articles, and for good reason.
Tiny homes offer a uniquecombination of affordability,
simplicity and freedom that canbe very appealing, especially in
retirement.
So what exactly is a tiny home?
(03:11):
Well, as the name suggests,tiny homes are small, often
ranging from around 100 to 500square feet.
They're designed to maximizeevery inch of space, providing
all the essentials you need in acompact, efficient package.
For many retirees, the appealof a tiny home lies in its
simplicity Fewer things to worryabout, less space to maintain
(03:31):
and lower utility bills.
But let's break it down a bitfurther.
What are the pros and cons of atiny home?
Well, pros.
One of the biggest advantagesof living in a tiny home is the
cost.
Tiny homes are significantlycheaper to build or buy compared
to traditional homes in mostcases, and because they're so
small, your ongoing expenses,like utilities and maintenance,
(03:51):
are also much lower.
This can free up a lot of yourbudget for other important
things like travel, hobbies orsaving for future needs.
Another pro is the lifestyle.
Living in a tiny homeencourages a minimalist mindset,
which can be incredibly freeing.
You're less tied down bypossessions and more focused on
experiences and relationships.
Plus, many tiny homes are builtwith sustainability in mind,
(04:13):
using eco-friendly materials anddesigns that reduce your
environmental footprint.
And, of course, if there's pros, there has to be cons.
Tiny homes aren't for everyone.
The biggest downside is thelimited space.
If you're someone who enjoyshaving lots of room to spread
out, entertain guests or storelots of belongings, then a tiny
home might feel too restrictive.
There's also the issue ofzoning laws.
(04:34):
Some areas have strictregulations about where tiny
homes can be placed, if they canbe placed at all.
So it's important to do yourhomework before making the move,
and while tiny homes can be agreat solution for some, they
may not be as practical if youhave mobility issues or require
certain medical equipment thatneeds more space.
Now, tiny homes aren't justsomething I've read about.
(04:55):
I've actually built one myself.
My wife and I decided to takethe plunge into tiny home living
as part of our own journeytowards financial freedom.
We wanted a place that wasentirely ours, with no mortgage
hanging over our heads.
So we set out to build a modesthome that would suit our needs
perfectly.
But here's the thing we didn'tjump straight into the tiny home
To make it all possible withouttaking on debt.
(05:18):
We first lived in a used mobilehome that we paid cash for.
It wasn't glamorous, but it wasa crucial step in our plan.
Living in that mobile homeallowed us to save money, avoid
mortgage payments and eventuallybuild our tiny home with no
debt.
I'll share more details aboutthat experience in a future
episode, but for now, I can tellyou this Building and living in
(05:40):
a tiny home has been one of themost liberating decisions we've
made.
It's not just about thefinancial savings.
It's about the lifestyle shiftthat comes with it Living more
intentionally, with fewerdistractions and focusing on
what truly matters to us.
And we're not alone.
There are plenty of retireesout there who have successfully
made the switch to tiny homeliving.
For instance, there's a storyof a couple who downsized from a
(06:03):
three-bedroom house to a300-square-foot tiny home on
wheels.
They found that the lower costof living allowed them to retire
early and spend more timetraveling and enjoying life.
Or consider the retiree whobuilt a tiny home on her son's
property.
This gave her independencewhile staying close to family,
and it significantly reduced herliving expenses.
(06:23):
Stories like these show that,with some planning and a
willingness to adapt, tiny homeliving can be a viable and
rewarding option for retirement.
So is a tiny home right for you?
It all depends on yourlifestyle needs and willingness
to embrace a simpler way ofliving.
But if you're intrigued by theidea of lowering your expenses
and living more intentionally, atiny home could be worth
(06:44):
considering.
Next up, we'll explore anotheraffordable housing option mobile
homes.
Stay with us.
Hey there, listeners, are youlooking for a supportive
community where you can learnmore about preparing for
retirement on a low income?
If so, I've got just the placefor you.
I'd love for you to join ourFacebook group, low Income Rich
(07:07):
Life.
It's a space where we sharepractical tips, resources and
experiences to help each othernavigate the challenges of
retirement planning on a budget.
Whether you're just starting tothink about retirement or
you're well on your way, ourgroup is filled with folks just
like you, all working towardsthe same goal a secure and
fulfilling retirement withoutbreaking the bank.
To join, simply head over tolowincomerichlifecom slash.
(07:31):
Join the group.
That's lowincomerichlifecomslash.
Join the group.
I can't wait to see you thereand hear your story.
Now that we've talked about tinyhomes, let's move on to another
popular and affordable housingoption mobile homes.
Mobile homes have been a go-tochoice for many retirees looking
(07:52):
to downsize or live moreeconomically, and they offer a
level of flexibility thattraditional homes often don't.
So what exactly is a mobilehome?
Unlike tiny homes, which aretypically custom-built, mobile
homes are prefabricatedstructures that are manufactured
off-site and then transportedto a location.
They're usually placed inmobile home parks or on private
(08:13):
land, and they can be a verycost-effective way to own a home
.
Let's look at the pros and cons.
One of the biggest advantages ofmobile homes is affordability.
Compared to traditional homes,mobile homes are much less
expensive to purchase, and youcan often find used mobile homes
at even lower prices.
This makes them an attractiveoption if you're trying to
stretch your retirement savingsas far as possible.
(08:34):
Another benefit is theflexibility they offer.
Mobile homes can be placed in avariety of locations, including
designated mobile home parksthat often cater specifically to
retirees.
These communities can provide abuilt-in social network and
amenities like clubhouses, poolsand activities, all of which
can enhance your retirementlifestyle.
(08:54):
Living in a mobile home alsoallows you to keep your living
expenses low.
Property taxes, insurance andutility costs are generally
lower than those associated withtraditional homes.
Plus, if you own the land yourmobile home is on, you're free
from the recurring expense oflot rent, which further reduces
your monthly costs.
However, mobile homes aren'twithout their downsides.
One major consideration isdepreciation.
(09:16):
Unlike traditional homes, whichoften appreciate in value,
mobile homes tend to depreciateover time.
This means they might not bethe best option if you're
looking at your home as aninvestment.
Another factor to consider isthe cost of lot rent.
If you don't own the land, lotrent can vary widely depending
on the location and amenitiesoffered by the mobile home park.
Over time, this cost can add upand it's important to factor it
(09:39):
into your long-term budget.
And while mobile homes canoffer a comfortable living
situation, they may not providethe same level of durability as
a traditional home.
Weather conditions such asstrong winds or storms can pose
a greater risk, especially inareas prone to severe weather or
tornadoes.
It's crucial to ensure thatyour mobile home is properly
anchored and that you haveadequate insurance coverage.
(10:00):
Now, speaking from personalexperience, I've actually lived
in a used mobile home myself.
My wife and I purchased it withcash and, while it wasn't the
most glamorous option, it playeda crucial role in our journey
to financial freedom.
By living in that mobile home,we were able to save money,
avoid mortgage payments andeventually build our tiny home
with no debt.
Living in a mobile home taughtus a lot about the importance of
budgeting, prioritizing ourfinancial goals and making the
(10:23):
most of what we had.
It wasn't always easy, but itwas a key step in allowing us to
live mortgage-free, and it's anoption I'd recommend
considering if you're lookingfor a way to reduce your housing
costs and save for the future.
Before making a decision, it'simportant to do your research,
look into the cost of mobilehomes in your area, consider the
pros and cons and think aboutwhether a mobile home fits into
(10:44):
your long-term retirement plan.
It's also worth visiting somemobile home communities to get a
feel for the lifestyle and seeif it aligns with what you're
looking for.
Next, we're going to exploreanother intriguing option
co-housing communities where youcan find both affordability and
a sense of community.
Now that we've explored tinyhomes and mobile homes, let's
dive into another alternativehousing option that's gaining
(11:07):
popularity among retireesco-housing communities.
Gaining popularity amongretirees co-housing communities.
If you're looking for a livingsituation that offers both
affordability and a built-insocial network, co-housing might
be the perfect fit for you.
So what exactly is co-housing?
Co-housing is simply a type ofintentional community where
residents have their own privatehomes or apartments but share
(11:29):
common spaces and resources likekitchens, gardens and
recreational areas.
These communities are oftendesigned to encourage
interaction and collaborationamong neighbors, fostering a
strong sense of community.
For retirees, co-housing offersseveral appealing benefits.
First, it's typically moreaffordable than living alone in
a traditional home becauseyou're sharing costs for things
(11:49):
like maintenance, utilities andamenities.
This shared approach to livingcan significantly reduce your
monthly expenses, making iteasier to stretch your
retirement savings.
Another major advantage ofco-housing is the social aspect.
As we get older, it's common tofeel more isolated, especially
if you're living alone.
Co-housing communities aredesigned to combat that
(12:10):
isolation by promoting regularsocial interaction and mutual
support among residents.
Whether it's sharing meals,working on projects together or
just having neighbors close by,co-housing can provide a sense
of belonging that's incrediblyvaluable in retirement.
Now let's talk about retirementcommunities.
While they're different fromco-housing in some ways, they
(12:30):
share many of the same benefits.
Communities.
While they're different fromco-housing in some ways, they
share many of the same benefits.
Retirement communities, alsoknown as senior living
communities, are residentialdevelopments specifically
designed for older adults.
They often include a range ofhousing options, from
independent living to assistedliving and even nursing care,
all within the same community.
One of the biggest draws ofretirement communities is the
(12:50):
convenience.
Many of these communities offera variety of services and
amenities, such as meal plans,housekeeping, transportation and
health care, all of which canmake day-to-day living much
easier.
And, just like with co-housing,the social aspect is a major
plus.
Retirement communities arebuilt to encourage interaction,
with plenty of activities andevents to keep you engaged and
(13:13):
connected with your neighbors.
So once again, let's look at thepros and cons.
Both co-housing and retirementcommunities offer a supportive
and social environment that canenhance your quality of life in
retirement.
The sense of community can beincredibly comforting,
especially if you're moving awayfrom family or longtime friends
.
Additionally, sharing resourcesand responsibilities can lead
to significant cost savings,making these options more
(13:36):
affordable than living alone.
Another pro is the peace ofmind that comes with living in a
community designed for olderadults, whether it's the
availability of health careservices or simply knowing that
help is nearby if you need it.
Co-housing and retirementcommunities can offer a level of
security that's hard to find inother housing options.
On the flip side, however,there are some potential
(13:56):
downsides to consider.
For one, you might have lessprivacy in a co-housing setup
compared to living in your ownstandalone home.
Shared spaces mean moreinteraction with neighbors,
which is great for socializing,but might not be ideal if you
value your solitude.
Retirement communities can alsocome with higher costs,
especially if you're opting fora more upscale development with
(14:16):
lots of amenities.
It's important to carefullyreview the fees and contracts
before committing, to make surethe community fits within your
budget.
If you're intrigued by the ideaof co-housing or retirement
communities, it's worth takingthe time to visit some in person
.
Talk to current residents, tourthe facilities and get a feel
for the community atmosphere.
Think about what's mostimportant to you, whether it's
(14:37):
affordability, socialinteraction or access to
services, and weigh the pros andcons based on your personal
preferences and needs.
There are countless stories ofretirees who have found
happiness and fulfillment inco-housing and retirement
communities.
For example, one retiree I knowjoined a co-housing and
retirement communities.
For example, one retiree I knowjoined a co-housing community
where everyone sharesresponsibilities, from cooking
meals to maintaining the garden.
(14:59):
She loves the sense ofcamaraderie and the fact that
she never feels alone, eventhough she's technically living
independently.
And then you have couples whomove into a retirement community
that offers a continuum of care.
Perhaps they start in anindependent living apartment but
have the peace of mind knowingthat as their needs change, they
can transition to assistedliving or nursing care without
(15:20):
leaving the community they'veprobably come to love.
Co-housing and retirementcommunities offer a unique blend
of affordability, support andsocial engagement that can make
a big difference in yourretirement years.
If you're someone who valuescommunity and shared living,
these options might be worthexploring.
As we continue our discussion onaffordable housing options in
retirement, let's take a closerlook at downsizing and some
(15:43):
other low-cost alternatives thatcan help you stretch your
retirement savings even further.
Downsizing is a strategy thatmany retirees turn to when
looking to reduce their livingexpenses.
The idea is simple by movinginto a smaller, less expensive
home, you can lower your monthlyhousing costs, free up equity
from your current home andsimplify your life.
For many, downsizing is apractical and effective way to
(16:05):
make their retirement savingslast longer.
But downsizing isn't just aboutreducing costs.
It's also about embracing alifestyle that's more focused on
what truly matters.
With less space to maintain,fewer belongings to worry about
and lower utility bills,downsizing can free up both time
and money, allowing you tofocus on experiences and
relationships rather thanmaterial possessions.
(16:28):
In addition to downsizing,there are several other low-cost
housing options that might beworth considering, especially if
you're open to thinking outsidethe box, which, if you're
trying to retire on a low income, sometimes you have to do.
Number one RV living.
For those who love to travel,living in an RV can be an
exciting and cost-effective wayto retire.
(16:48):
An RV allows you to take yourhome on the road, giving you the
freedom to explore new placeswhile keeping your housing costs
low.
Of course, this lifestyle comeswith its own sets of challenges
, like the need for regularmaintenance and the limitations
of living in a small space.
But for the adventurous retireeRV living can offer an
unparalleled sense of freedom.
Number two house sharing.
(17:09):
Another option is house sharing, where you live with others,
either by renting out a room insomeone else's home or sharing a
larger home with other retirees.
House sharing can significantlyreduce your living expenses
while also providingcompanionship and a built-in
support network.
This arrangement works well forthose who enjoy social
interaction and are looking fora more communal living
(17:30):
experience.
Number three moving to a moreaffordable location.
If you're open to relocating,moving to a more affordable area
can be a great way to reduceyour housing costs, whether it's
moving to a different state, arural area or even another
country, there are plenty ofplaces where the cost of living
is lower than in major cities.
This can be an especially goodoption if you're looking to make
(17:53):
your retirement savings gofurther while enjoying a new
environment.
Coming in at number four isaccessory dwelling units.
For those who want to stayclose to family, building a
small place on a relative'sproperty could be a
cost-effective solution.
A small independent livingspace, kind of like an in-law
suite, can allow you to maintainyour independence while living
near your loved ones, which canbe particularly reassuring as
(18:16):
you age when thinking aboutdownsizing or exploring any of
these alternative housingoptions.
It's important to consider yourlong-term needs and lifestyle
preferences.
What works well for someoneelse might not be the best fit
for you.
So take the time to weigh thepros and cons of each option.
Think about factors likemobility, access to health care,
social connections and how muchspace you truly need to live
(18:39):
comfortably.
So here's a couple of quickreal-life examples.
One couple I know sold theirlarge suburban home and moved
into a cozy condo in a smallertown.
The move allowed them toeliminate their mortgage and
significantly lower theirmonthly expenses.
With the extra savings, they'vebeen able to travel more and
enjoy their retirement withoutthe financial stress they would
have had if they'd stayed intheir big home.
(19:00):
Another retiree decided to sellher home and live full-time in
an RV.
She now spends her daysexploring national parks and
going back and to visitingfamily across the country.
While the lifestyle isn't foreveryone, she loves the freedom
and adventure that RV livingprovides, and she's managed to
keep her living expenses verylow in the process.
So downsizing and exploringalternative housing options can
(19:23):
be powerful strategies formaking your retirement more
affordable and enjoyable,whether you're looking to cut
costs, simplify your life orembrace a new adventure.
There are plenty of options tochoose from.
The key is to think creativelyand find a solution that aligns
with your goals and lifestyle.
As we wrap up today's episode,I hope you've found some
inspiration and ideas for makingyour retirement housing more
(19:45):
affordable.
Remember, there's noone-size-fits-all solution, but
by considering all your optionsand thinking outside the box,
you can find a living situationthat's both comfortable and
financially sustainable.
If you enjoyed this episode,please subscribe, rate and
review the podcast.
It really helps us reach morepeople who could benefit from
this information.
And don't forget to visit ourwebsite at lowincomerichlifecom
(20:10):
for additional resources and ashow note.
And if you'd like to interactwith our community, join our
Facebook group at facebookcomslash group slash low income
rich life.
Thank you for joining us onthis episode of low income rich
life.
I hope you found today's tipsand strategies helpful.
If you enjoyed the show, pleasesubscribe, rate and leave us a
(20:30):
review on your favorite podcastplatform.
Your feedback helps us reachmore listeners and improve the
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Don't forget to visit ourwebsite at lowincomerichlifecom
for additional resources, shownotes and links to everything we
discussed today.
You can also join me on ourFacebook page for more updates
and retirement tips.
(20:51):
Remember, a truly rich life isnot about how you spend your
money, but how you spend yourtime.
I'm Kevin Bass, wishing you aprosperous and joyful retirement
journey.
Stay well and stay inspired.
Today we're diving into a topic that's crucial for
anyone planning their retirementhousing.
Now, as we all know, housing isone of the largest expenses
most people face, and it doesn'tget any easier in retirement.
But the good news is that thereare plenty of alternative
housing options out there thatcan make retirement not only
more affordable, but also moreenjoyable.
In today's episode, we're goingto explore some of these
(00:22):
options from tiny homes tomobile homes, co-housing
communities and more.
We'll look at the pros and consof each, share some real-life
examples and help you startthinking about what kind of
housing might be right for yourretirement.
Whether you're alreadyconsidering a move or just
starting to think about thefuture, this episode is packed
with information that can helpyou make a smart, informed
(00:44):
decision.
So grab a cup of coffee, settlein and let's get started.
Welcome to Low Income Rich Life, the podcast that helps you
prepare for a secure andfulfilling retirement, even on a
limited income.
I'm your host, kevin Bass.
Each week, we'll explorepractical tips and strategies
for getting out of debt,lowering expenses, living a
(01:06):
simpler life and finding truecontentment, whether you're
nearing retirement or juststarting to plan.
Join me as we navigate thejourney to a brighter future.
Let's discover together how tomake the most of our golden
years without breaking the bank.
When it comes to retirement,housing is a big deal.
In fact, for most people, it'stheir largest expense, and
(01:26):
managing this cost is key toliving comfortably on a limited
income.
That's why it's so important tothink carefully about your
housing options before youretire.
Let's talk about why affordablehousing matters so much in
retirement.
When you're living on a fixedincome, whether it's from Social
Security, pensions or savingsmoney can be tight.
Every dollar counts, andfinding ways to reduce your
(01:47):
housing costs can make a bigdifference in your financial
security and your peace of mind.
Lowering your housing expensesmeans more money in your pocket
for other essential needs likegroceries, medications and even
the little things that bring joyto your day-to-day life, and it
also gives you a cushion tohandle the unexpected, because,
let's face it, life can throwcurveballs.
Joy to your day-to-day life.
And it also gives you a cushionto handle the unexpected,
because, let's face it, life canthrow curveballs, whether it's
(02:08):
a medical bill or a sudden homerepair.
But it's not just about thenumbers.
The place you call home plays ahuge role in your overall
well-being.
It's where you'll spend most ofyour time, especially as you
get older, so finding a housingsolution that's both affordable
and comfortable is crucial foryour physical and mental health.
Here's the thing Findingaffordable housing in retirement
(02:30):
might require thinking outsidethe box.
It's not always about stickingwith the traditional route.
Sometimes the best option mightbe downsizing, embracing the
minimalist lifestyle of a tinyhome, or finding community and
support in a co-housing setup.
There's no one-size-fits-allanswer, but by exploring
different options you can findthe one that's right for you.
(02:51):
Let's start with one of themost talked about trends in
affordable living today tinyhomes.
You've probably seen themfeatured on TV shows or in
articles, and for good reason.
Tiny homes offer a uniquecombination of affordability,
simplicity and freedom that canbe very appealing, especially in
retirement.
So what exactly is a tiny home?
(03:11):
Well, as the name suggests,tiny homes are small, often
ranging from around 100 to 500square feet.
They're designed to maximizeevery inch of space, providing
all the essentials you need in acompact, efficient package.
For many retirees, the appealof a tiny home lies in its
simplicity Fewer things to worryabout, less space to maintain
(03:31):
and lower utility bills.
But let's break it down a bitfurther.
What are the pros and cons of atiny home?
Well, pros.
One of the biggest advantagesof living in a tiny home is the
cost.
Tiny homes are significantlycheaper to build or buy compared
to traditional homes in mostcases, and because they're so
small, your ongoing expenses,like utilities and maintenance,
(03:51):
are also much lower.
This can free up a lot of yourbudget for other important
things like travel, hobbies orsaving for future needs.
Another pro is the lifestyle.
Living in a tiny homeencourages a minimalist mindset,
which can be incredibly freeing.
You're less tied down bypossessions and more focused on
experiences and relationships.
Plus, many tiny homes are builtwith sustainability in mind,
(04:13):
using eco-friendly materials anddesigns that reduce your
environmental footprint.
And, of course, if there's pros, there has to be cons.
Tiny homes aren't for everyone.
The biggest downside is thelimited space.
If you're someone who enjoyshaving lots of room to spread
out, entertain guests or storelots of belongings, then a tiny
home might feel too restrictive.
There's also the issue ofzoning laws.
(04:34):
Some areas have strictregulations about where tiny
homes can be placed, if they canbe placed at all.
So it's important to do yourhomework before making the move,
and while tiny homes can be agreat solution for some, they
may not be as practical if youhave mobility issues or require
certain medical equipment thatneeds more space.
Now, tiny homes aren't justsomething I've read about.
(04:55):
I've actually built one myself.
My wife and I decided to takethe plunge into tiny home living
as part of our own journeytowards financial freedom.
We wanted a place that wasentirely ours, with no mortgage
hanging over our heads.
So we set out to build a modesthome that would suit our needs
perfectly.
But here's the thing we didn'tjump straight into the tiny home
To make it all possible withouttaking on debt.
(05:18):
We first lived in a used mobilehome that we paid cash for.
It wasn't glamorous, but it wasa crucial step in our plan.
Living in that mobile homeallowed us to save money, avoid
mortgage payments and eventuallybuild our tiny home with no
debt.
I'll share more details aboutthat experience in a future
episode, but for now, I can tellyou this Building and living in
(05:40):
a tiny home has been one of themost liberating decisions we've
made.
It's not just about thefinancial savings.
It's about the lifestyle shiftthat comes with it Living more
intentionally, with fewerdistractions and focusing on
what truly matters to us.
And we're not alone.
There are plenty of retireesout there who have successfully
made the switch to tiny homeliving.
For instance, there's a storyof a couple who downsized from a
(06:03):
three-bedroom house to a300-square-foot tiny home on
wheels.
They found that the lower costof living allowed them to retire
early and spend more timetraveling and enjoying life.
Or consider the retiree whobuilt a tiny home on her son's
property.
This gave her independencewhile staying close to family,
and it significantly reduced herliving expenses.
(06:23):
Stories like these show that,with some planning and a
willingness to adapt, tiny homeliving can be a viable and
rewarding option for retirement.
So is a tiny home right for you?
It all depends on yourlifestyle needs and willingness
to embrace a simpler way ofliving.
But if you're intrigued by theidea of lowering your expenses
and living more intentionally, atiny home could be worth
(06:44):
considering.
Next up, we'll explore anotheraffordable housing option mobile
homes.
Stay with us.
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community where you can learnmore about preparing for
retirement on a low income?
If so, I've got just the placefor you.
I'd love for you to join ourFacebook group, low Income Rich
(07:07):
Life.
It's a space where we sharepractical tips, resources and
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Whether you're just starting tothink about retirement or
you're well on your way, ourgroup is filled with folks just
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(07:31):
Join the group.
That's lowincomerichlifecomslash.
Join the group.
I can't wait to see you thereand hear your story.
Now that we've talked about tinyhomes, let's move on to another
popular and affordable housingoption mobile homes.
Mobile homes have been a go-tochoice for many retirees looking
(07:52):
to downsize or live moreeconomically, and they offer a
level of flexibility thattraditional homes often don't.
So what exactly is a mobilehome?
Unlike tiny homes, which aretypically custom-built, mobile
homes are prefabricatedstructures that are manufactured
off-site and then transportedto a location.
They're usually placed inmobile home parks or on private
(08:13):
land, and they can be a verycost-effective way to own a home
.
Let's look at the pros and cons.
One of the biggest advantages ofmobile homes is affordability.
Compared to traditional homes,mobile homes are much less
expensive to purchase, and youcan often find used mobile homes
at even lower prices.
This makes them an attractiveoption if you're trying to
stretch your retirement savingsas far as possible.
(08:34):
Another benefit is theflexibility they offer.
Mobile homes can be placed in avariety of locations, including
designated mobile home parksthat often cater specifically to
retirees.
These communities can provide abuilt-in social network and
amenities like clubhouses, poolsand activities, all of which
can enhance your retirementlifestyle.
(08:54):
Living in a mobile home alsoallows you to keep your living
expenses low.
Property taxes, insurance andutility costs are generally
lower than those associated withtraditional homes.
Plus, if you own the land yourmobile home is on, you're free
from the recurring expense oflot rent, which further reduces
your monthly costs.
However, mobile homes aren'twithout their downsides.
One major consideration isdepreciation.
(09:16):
Unlike traditional homes, whichoften appreciate in value,
mobile homes tend to depreciateover time.
This means they might not bethe best option if you're
looking at your home as aninvestment.
Another factor to consider isthe cost of lot rent.
If you don't own the land, lotrent can vary widely depending
on the location and amenitiesoffered by the mobile home park.
Over time, this cost can add upand it's important to factor it
(09:39):
into your long-term budget.
And while mobile homes canoffer a comfortable living
situation, they may not providethe same level of durability as
a traditional home.
Weather conditions such asstrong winds or storms can pose
a greater risk, especially inareas prone to severe weather or
tornadoes.
It's crucial to ensure thatyour mobile home is properly
anchored and that you haveadequate insurance coverage.
(10:00):
Now, speaking from personalexperience, I've actually lived
in a used mobile home myself.
My wife and I purchased it withcash and, while it wasn't the
most glamorous option, it playeda crucial role in our journey
to financial freedom.
By living in that mobile home,we were able to save money,
avoid mortgage payments andeventually build our tiny home
with no debt.
Living in a mobile home taughtus a lot about the importance of
budgeting, prioritizing ourfinancial goals and making the
(10:23):
most of what we had.
It wasn't always easy, but itwas a key step in allowing us to
live mortgage-free, and it's anoption I'd recommend
considering if you're lookingfor a way to reduce your housing
costs and save for the future.
Before making a decision, it'simportant to do your research,
look into the cost of mobilehomes in your area, consider the
pros and cons and think aboutwhether a mobile home fits into
(10:44):
your long-term retirement plan.
It's also worth visiting somemobile home communities to get a
feel for the lifestyle and seeif it aligns with what you're
looking for.
Next, we're going to exploreanother intriguing option
co-housing communities where youcan find both affordability and
a sense of community.
Now that we've explored tinyhomes and mobile homes, let's
dive into another alternativehousing option that's gaining
(11:07):
popularity among retireesco-housing communities.
Gaining popularity amongretirees co-housing communities.
If you're looking for a livingsituation that offers both
affordability and a built-insocial network, co-housing might
be the perfect fit for you.
So what exactly is co-housing?
Co-housing is simply a type ofintentional community where
residents have their own privatehomes or apartments but share
(11:29):
common spaces and resources likekitchens, gardens and
recreational areas.
These communities are oftendesigned to encourage
interaction and collaborationamong neighbors, fostering a
strong sense of community.
For retirees, co-housing offersseveral appealing benefits.
First, it's typically moreaffordable than living alone in
a traditional home becauseyou're sharing costs for things
(11:49):
like maintenance, utilities andamenities.
This shared approach to livingcan significantly reduce your
monthly expenses, making iteasier to stretch your
retirement savings.
Another major advantage ofco-housing is the social aspect.
As we get older, it's common tofeel more isolated, especially
if you're living alone.
Co-housing communities aredesigned to combat that
(12:10):
isolation by promoting regularsocial interaction and mutual
support among residents.
Whether it's sharing meals,working on projects together or
just having neighbors close by,co-housing can provide a sense
of belonging that's incrediblyvaluable in retirement.
Now let's talk about retirementcommunities.
While they're different fromco-housing in some ways, they
(12:30):
share many of the same benefits.
Communities.
While they're different fromco-housing in some ways, they
share many of the same benefits.
Retirement communities, alsoknown as senior living
communities, are residentialdevelopments specifically
designed for older adults.
They often include a range ofhousing options, from
independent living to assistedliving and even nursing care,
all within the same community.
One of the biggest draws ofretirement communities is the
(12:50):
convenience.
Many of these communities offera variety of services and
amenities, such as meal plans,housekeeping, transportation and
health care, all of which canmake day-to-day living much
easier.
And, just like with co-housing,the social aspect is a major
plus.
Retirement communities arebuilt to encourage interaction,
with plenty of activities andevents to keep you engaged and
(13:13):
connected with your neighbors.
So once again, let's look at thepros and cons.
Both co-housing and retirementcommunities offer a supportive
and social environment that canenhance your quality of life in
retirement.
The sense of community can beincredibly comforting,
especially if you're moving awayfrom family or longtime friends
.
Additionally, sharing resourcesand responsibilities can lead
to significant cost savings,making these options more
(13:36):
affordable than living alone.
Another pro is the peace ofmind that comes with living in a
community designed for olderadults, whether it's the
availability of health careservices or simply knowing that
help is nearby if you need it.
Co-housing and retirementcommunities can offer a level of
security that's hard to find inother housing options.
On the flip side, however,there are some potential
(13:56):
downsides to consider.
For one, you might have lessprivacy in a co-housing setup
compared to living in your ownstandalone home.
Shared spaces mean moreinteraction with neighbors,
which is great for socializing,but might not be ideal if you
value your solitude.
Retirement communities can alsocome with higher costs,
especially if you're opting fora more upscale development with
(14:16):
lots of amenities.
It's important to carefullyreview the fees and contracts
before committing, to make surethe community fits within your
budget.
If you're intrigued by the ideaof co-housing or retirement
communities, it's worth takingthe time to visit some in person
.
Talk to current residents, tourthe facilities and get a feel
for the community atmosphere.
Think about what's mostimportant to you, whether it's
(14:37):
affordability, socialinteraction or access to
services, and weigh the pros andcons based on your personal
preferences and needs.
There are countless stories ofretirees who have found
happiness and fulfillment inco-housing and retirement
communities.
For example, one retiree I knowjoined a co-housing and
retirement communities.
For example, one retiree I knowjoined a co-housing community
where everyone sharesresponsibilities, from cooking
meals to maintaining the garden.
(14:59):
She loves the sense ofcamaraderie and the fact that
she never feels alone, eventhough she's technically living
independently.
And then you have couples whomove into a retirement community
that offers a continuum of care.
Perhaps they start in anindependent living apartment but
have the peace of mind knowingthat as their needs change, they
can transition to assistedliving or nursing care without
(15:20):
leaving the community they'veprobably come to love.
Co-housing and retirementcommunities offer a unique blend
of affordability, support andsocial engagement that can make
a big difference in yourretirement years.
If you're someone who valuescommunity and shared living,
these options might be worthexploring.
As we continue our discussion onaffordable housing options in
retirement, let's take a closerlook at downsizing and some
(15:43):
other low-cost alternatives thatcan help you stretch your
retirement savings even further.
Downsizing is a strategy thatmany retirees turn to when
looking to reduce their livingexpenses.
The idea is simple by movinginto a smaller, less expensive
home, you can lower your monthlyhousing costs, free up equity
from your current home andsimplify your life.
For many, downsizing is apractical and effective way to
(16:05):
make their retirement savingslast longer.
But downsizing isn't just aboutreducing costs.
It's also about embracing alifestyle that's more focused on
what truly matters.
With less space to maintain,fewer belongings to worry about
and lower utility bills,downsizing can free up both time
and money, allowing you tofocus on experiences and
relationships rather thanmaterial possessions.
(16:28):
In addition to downsizing,there are several other low-cost
housing options that might beworth considering, especially if
you're open to thinking outsidethe box, which, if you're
trying to retire on a low income, sometimes you have to do.
Number one RV living.
For those who love to travel,living in an RV can be an
exciting and cost-effective wayto retire.
(16:48):
An RV allows you to take yourhome on the road, giving you the
freedom to explore new placeswhile keeping your housing costs
low.
Of course, this lifestyle comeswith its own sets of challenges
, like the need for regularmaintenance and the limitations
of living in a small space.
But for the adventurous retireeRV living can offer an
unparalleled sense of freedom.
Number two house sharing.
(17:09):
Another option is house sharing, where you live with others,
either by renting out a room insomeone else's home or sharing a
larger home with other retirees.
House sharing can significantlyreduce your living expenses
while also providingcompanionship and a built-in
support network.
This arrangement works well forthose who enjoy social
interaction and are looking fora more communal living
(17:30):
experience.
Number three moving to a moreaffordable location.
If you're open to relocating,moving to a more affordable area
can be a great way to reduceyour housing costs, whether it's
moving to a different state, arural area or even another
country, there are plenty ofplaces where the cost of living
is lower than in major cities.
This can be an especially goodoption if you're looking to make
(17:53):
your retirement savings gofurther while enjoying a new
environment.
Coming in at number four isaccessory dwelling units.
For those who want to stayclose to family, building a
small place on a relative'sproperty could be a
cost-effective solution.
A small independent livingspace, kind of like an in-law
suite, can allow you to maintainyour independence while living
near your loved ones, which canbe particularly reassuring as
(18:16):
you age when thinking aboutdownsizing or exploring any of
these alternative housingoptions.
It's important to consider yourlong-term needs and lifestyle
preferences.
What works well for someoneelse might not be the best fit
for you.
So take the time to weigh thepros and cons of each option.
Think about factors likemobility, access to health care,
social connections and how muchspace you truly need to live
(18:39):
comfortably.
So here's a couple of quickreal-life examples.
One couple I know sold theirlarge suburban home and moved
into a cozy condo in a smallertown.
The move allowed them toeliminate their mortgage and
significantly lower theirmonthly expenses.
With the extra savings, they'vebeen able to travel more and
enjoy their retirement withoutthe financial stress they would
have had if they'd stayed intheir big home.
(19:00):
Another retiree decided to sellher home and live full-time in
an RV.
She now spends her daysexploring national parks and
going back and to visitingfamily across the country.
While the lifestyle isn't foreveryone, she loves the freedom
and adventure that RV livingprovides, and she's managed to
keep her living expenses verylow in the process.
So downsizing and exploringalternative housing options can
(19:23):
be powerful strategies formaking your retirement more
affordable and enjoyable,whether you're looking to cut
costs, simplify your life orembrace a new adventure.
There are plenty of options tochoose from.
The key is to think creativelyand find a solution that aligns
with your goals and lifestyle.
As we wrap up today's episode,I hope you've found some
inspiration and ideas for makingyour retirement housing more
(19:45):
affordable.
Remember, there's noone-size-fits-all solution, but
by considering all your optionsand thinking outside the box,
you can find a living situationthat's both comfortable and
financially sustainable.
If you enjoyed this episode,please subscribe, rate and
review the podcast.
It really helps us reach morepeople who could benefit from
this information.
And don't forget to visit ourwebsite at lowincomerichlifecom
(20:10):
for additional resources and ashow note.
And if you'd like to interactwith our community, join our
Facebook group at facebookcomslash group slash low income
rich life.
Thank you for joining us onthis episode of low income rich
life.
I hope you found today's tipsand strategies helpful.
If you enjoyed the show, pleasesubscribe, rate and leave us a
(20:30):
review on your favorite podcastplatform.
Your feedback helps us reachmore listeners and improve the
content we bring to you.
Don't forget to visit ourwebsite at lowincomerichlifecom
for additional resources, shownotes and links to everything we
discussed today.
You can also join me on ourFacebook page for more updates
and retirement tips.
(20:51):
Remember, a truly rich life isnot about how you spend your
money, but how you spend yourtime.
I'm Kevin Bass, wishing you aprosperous and joyful retirement
journey.
Stay well and stay inspired.
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