I recently read an article about a woman who lives in a tiny New York City apartment that is just 90 square feet. Her bed is within a few feet of her ceiling and she doesn’t have room for a kitchen. She’s in a prime location near Central Park and she says she is content with her living conditions. It allows her to spend money on other things besides a huge rent bill.
There is always a trade off, I guess. If you want to live really comfortably but still live in a prime location, you have to expect to pay a lot more. If your goals are to travel, eat out a lot, etc. then you may not be able to afford the luxury of having the best of both worlds and you may need to live in a much smaller place.
It all boils down to what is most important to you. Most of us can’t have it all, but we can decide what our priorities are. For this particular woman, it’s obvious that her priority is not her lodgings, but instead her location is what’s most important to her.
We each have to decide what to do with our own individual finances. We need to be realistic and make sure that we are spending our money on what truly is most important to us. If it’s not that important for you to have a large home but yet you are house poor because you live in a huge house, you may need to consider downsizing. On the flip side, if you are completely cramped up in your current home and it’s really bothering you, you need to start aggressively saving for a larger home.
The size of your home depends on your priorities and goals. Don’t think that just because your peers are buying the huge cookie cutter houses in the suburbs you need to do the same. Choose the neighborhood and the type of housing that suits your own needs and don’t be swayed by others’ behaviors. Only you can answer the questions of how big your home needs to be. If you want to read more about the New Yorker living in the tiny apartment, click here.