Downsizing is no longer something only retirees do. With today’s inflated housing prices, people are looking for financial relief and are willing to swap a bigger house for a smaller space to save. According to a recent Bankrate survey, 62 percent of baby boomers, 49 percent of Gen Xers, and 33 percent of millennials would downsize for affordable living, while 38 percent of Gen Zers would prefer to stay in a larger home but have roommates or live with family members.
Best Life spoke with two people who recently downsized and saved a ton of money. Here are four reasons why it was their best decision.
RELATED: 6 Signs It's Time to Downsize Your Home.
1. It's less maintenance.
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Moving to a smaller place has the benefits of less upkeep and more freedom, which is one reason professional organizerAngela O'Brien opted to leave her large, 4,200-square-foot (5BR/4.5BA) home on almost half an acre with a pool and lots of huge trees.
Her family of four was living in a suburb of Dallas called Lewisville, but they decided to move to the city for a 3,500-square-foot home (4BR/3BA) on a much smaller lot with no pool and a low-maintenance yard.
“We were really tired of the constant care, attention, and money required to maintain our home and the yard,” she says. “The pool was in constant need of maintenance especially being under many Live Oak trees that dropped leaves and acorns. The trees, although incredibly beautiful, required yearly trimming by a professional tree trimming company and lighting maintenance.”
She adds, “Overall, our home was more than we needed, especially as my kids were getting older and my son was heading off to college. We also love to travel and worry about something breaking down or requiring maintenance while we are gone.”
2. Downsizing can equal massive savings.
ShutterstockO’Brien says downsizing was the best decision her family made because of how much they saved: “Our estimated maintenance costs went down by about $15,000 a year.”
Energy healerCandice Erickson-Perham didn’t just downsize; she completely transformed her lifestyle and went from an almost 3,000-square-foot home in North Carolina to a cozy 1,000-square-foot apartment in Florida. She, too, has saved so much on the little expenses that add up.
“It was appealing to let someone else handle the big things—like when the AC goes out in the summer," she explains. "Now, we just call maintenance, and it's taken care of without extra stress or unexpected charges.”
3. It can be a welcome change.
Shutterstock“After owning three homes over 25 years, we realized it was time for a change,” Candice Erickson-Perham says. “We wanted more freedom—less space to maintain, fewer unexpected expenses, and a simpler way of life.”
She explains, “In our 50s, we found ourselves surrounded by stuff that no longer served us, and it felt like a burden. Downsizing gave us the chance to let go of those material things and embrace a new phase of life.”
4. You could be given the gift of time.
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Erickson-Perham loves apartment life and says, “Downsizing lifted a huge weight off our shoulders.”
She adds, “Without the responsibilities and costs of homeownership, we feel so much lighter. Now, our Saturdays are ours to enjoy—we don’t have to worry about cleaning gutters, mowing the lawn, or raking leaves. We’ve reclaimed our time and can focus on what truly matters to us.”
And O'Brien agrees: “We spend far less time maintaining our home on a regular basis than we did on our last home. Weekends are much more fun now and not filled with home-related chores.”
What to think about before downsizing:
ShutterstockThere are pros and cons to downsizing. You can save a tremendous amount of money living in a smaller space, plus have freedom from maintenance projects.
If you think you're ready to take the leap, O’Brien suggests asking yourself the following: “How do you want to live your daily life? How do you want to spend time in your home? How much time and money do you have/want to spend on maintaining your home? What is it about your current home that is making you consider downsizing?”
“By answering those questions, you can then start to build the criteria for your future living situation, and it will be easier to make decisions on whether to stay or move,” she points out.
Another approach is to “take an honest look at how much space you’re actually using,” says Erickson-Perham. “For us, holding onto a three-bedroom house for visitors (who rarely came) didn’t make sense anymore. We decided that having less space and more freedom was far more valuable. Downsizing can be a gateway to living more intentionally and focusing on what truly brings you joy.”
