Skip to Content

Is it Cheaper to Rent or Buy a Tiny Home?

Bensalem Tiny Home with Green TrimIf you are attempting to determine between renting a Bensalem apartment or obtaining a tiny home, one of the first questions you may ask is, “Which is cheaper?” The answer to this question depends on a variety of aspects, including the size of the tiny home, the location of the house or apartment, and the cost of living in each neighborhood. In this post, we will compare the cost of living in an apartment versus buying a tiny home and assist you in determining which choice is best for you!

When Size Does Matter

The size of a tiny home is one of the most important elements that will affect the cost of living in it. Tiny homes are often way smaller than apartments, requiring less energy to heat and cool. They also usually have fewer amenities, including a washer, dryer, or dishwasher. However, this also indicates that you will have less space for your belongings. Unless you prefer living minimally, you may need more storage space, which will add to your monthly expenses. If you have a lot of belongings or want to have plenty of room to spread out, then a tiny home may not be the best option for you.

Location, Location, Location

The location of an apartment or tiny home is another important factor to bear in mind. Apartments in big cities are usually more expensive than those in smaller towns or rural areas. This is because the cost of living in a big city is usually higher. If you are looking for an apartment in a big city, be prepared to pay more rent than you would if you were looking for an apartment in a small town.

The same thing is true of a tiny home. Depending on where you’d like to stay, getting even a small lot to build a tiny home might be a significant expense – not including the cost of the house itself! While a tiny home will cost less to buy or build than a larger home, it will still need either large amounts of cash upfront or a loan, which means you’ll be making monthly payments either way.

Cost of Living

The cost of living in an area is also something to keep in mind when determining whether to rent an apartment or acquire or build a tiny home. Searching for land to construct a tiny home might be complicated if you want to stay in a city, which typically means seeking on the outskirts or rural areas instead. The cost of living in a rural area is commonly less expensive than the cost of living in a big city. This implies that if you purchase or build a tiny home in a rural area, you will most likely save money. Yet, the cost of living in a rural area may also signify fewer job opportunities and amenities. You may also need to drive significant distances to work, shop, or attend local events. You will certainly need to own a car since public transportation is not accessible in several rural areas.

On the flip side, renting an apartment in town could save you a lot of money in travel expenses over the long term, mostly if your city has reliable public transportation. Those savings may make up for the higher rent you pay for a convenient, close-to-everything location.

So, is living in an apartment or a tiny home less expensive? It is dependent on your circumstances. Before making a choice, you must consider what is most important to you and weigh the pros and cons of each option.

However, if you are seeking a new home to reside in, approach a Bensalem property manager at our office. We have rental homes that may offer the best combination of size, location, and cost for your needs. You can contact us online or call 267-364-5785.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details