Penny-Pincher’s Paradise: Unveiling the Cheapest Ways to Live In 2023
Let’s unveil a truth: our world is an expensive place. Countless obligations demand our financial attention, leaving us with limited money-making opportunities. If we genuinely desire success in this realm, we must seek the most economical means of existence.
There are numerous ways to cut back on expenses or readjust your budget, ensuring that you live within your means. Perhaps the most challenging aspect lies in making present sacrifices for future rewards. Yet, bear in mind that these sacrifices are merely temporary, and in due time, you can regain what was lost. Read on to know about the cheapest ways to live without sacrificing on comfort in 2023.
Low-Cost Housing Alternatives to Live Cheapest Live
- Live In A Rented Room
- Rent a Low-Income Housing Apartment
- Build a Tiny Home
- Get Roommates
- Live as a Nomad
- Live in a Van or RV
- Live in a Box Truck
- Live Cheaply on a Bus
- Stay at a Guest-House
- Stay at a Mobile Home
- Rent an Efficiency Apartment
- Buy a Duplex & Reside in one Unit
- Living in a Housing Cooperative
- Stay with Family or Friends
- Buy a Mobile on Land
- Stay on a Boat
- Live in a Shed
- Live in a Storage Unit
- Live in an Unfinished Space
- Living in a Shipping Container
1. Live In A Rented Room
Renting a single room proves significantly more affordable compared to leasing an entire house or apartment. Over the course of a year-long lease, you could potentially amass thousands of dollars in savings on rent and utilities. Don’t forget to negotiate your rent.
Websites – Airbnb.com, Spareroom.com, iRoommates.com, Cirtu.com, Roomster.com
The average cost in the USA – A two-bedroom apartment costs $1,320 monthly
Limitations – Opting for a single room entails limited personal space, necessitating the storage of most of your belongings.
2. Rent a Low-Income Housing Apartment
You can rent a low-income housing apartment if your monthly income falls under a certain threshold.
Websites – AprtFinder.org, HousingLink.org
Average monthly rent in USA – $490
3. Build a Tiny Home
A tiny house is essentially a small dwelling on wheels, with the smallest dimensions measuring around 8×10. Tiny homes on wheels often operate independently from conventional utilities, as they are typically off-grid with composting toilets and solar power. Considering that your living space will be reduced by a staggering 75%, it becomes imperative to declutter and retain only essential belongings. While building a tiny house requires an upfront investment, they typically cost a fraction of traditional homes. Before embarking on this venture, it is crucial to verify the legalities as not all properties are zoned for tiny houses. Ensure compliance with relevant regulations before proceeding.
Average cost in USA – $50000
Websites – Clevertinyhomes.com, Saddlebrookelife.com
4. Get Roommates
Living with others offers an excellent approach to tackling those housing expenses. Embracing this cooperative lifestyle not only lightens your financial load but also fosters a sense of camaraderie and shared experiences.
Websites – EquityApartments.com, Spareroom.com, Roomster.com
5. Live as a Nomad
Becoming a nomad opens up a world of endless possibilities, where you can wander from place to place, immersing yourself in new opportunities and connecting with fascinating individuals along the way. Your living arrangements shift constantly – today a quaint hostel, tomorrow a cozy cabin, next week a stranger’s couch, and the following month a charming guesthouse.
Websites – Hostelworld.com, Airbnb.com, TripAdvisor.com, Nomad List.com
6. Live in a Van or RV
Living in an RV or van offers a cost-effective and adventurous housing option. For those willing to embrace a minimalist lifestyle and the freedom of the open road, it can be an excellent choice. Renting a parking space or staying at camping sites can be more affordable than traditional apartments.
Websites – Rvshare.com, Rvezy.com, Motorhomerepublic.com
Monthly Average Rent – Between $1200 to $9500 including tax
7. Live in a Box Truck
A box truck, also known as a cube van, is primarily used for transporting freight locally. It has a separate driving cab, and behind the driver’s seat, there is usually a sleeping area or storage space. Like a van, living in a box truck can be considered an unconventional and cost-effective option, particularly for individuals or couples without children.
Websites – Enterprisetrucks.com, Fluidtruck.com, Budgettruck.com
8. Live Cheaply on a Bus
Converting a bus into a living space offers a budget-friendly housing alternative similar to an RV. Look for an old bus at a reasonable price, ensuring it’s in working condition to suit your needs.
Websites – BusesOnline.com, SkoolieLivin.com
Price of a bus in USA – Between $3000 to $7000
9. Stay at a Guest-House
Guest houses are typically separate structures from the primary residence, occupying less than 1,000 square feet of space. Given the infrequent usage of these guest houses by homeowners, they might be open to renting them out at a lower cost than a conventional apartment.
Websites – Waterperryfarm.com, Zeusliving.com, Expedia.com, NextDoor.com, Craigslist.com
10. Stay at a Mobile Home
Mobile homes, also referred to as modular homes, offer a smaller yet economical housing alternative compared to traditional houses. These prefabricated housing units are constructed in factories and can be found in mobile home park communities, where similar-style homes create a cohesive neighborhood ambiance.
Websites – Yougotithomes.com, Royalvillagemhc.com, Inspirecommunities.com
Average Cost – Between $50,000 to $5,00,000
11. Rent an Efficiency Apartment
Efficiency apartments, akin to studio apartments, combine all living quarters except the bathroom into a single room, integrating the kitchen, living room, and bedroom into one compact area. These cozy living spaces come at a fraction of the cost of full-size apartments, making them an attractive option for those seeking affordability without sacrificing privacy.
Websites – Nokoapts.com, Birdtownflats.com
12. Buy a Duplex & Reside in one Unit
A duplex, comprising two homes on a single property, offers an exciting opportunity to generate passive income while fulfilling your dream of living independently.
Websites – Apartments.com, Nomadlease.com, Zillow.com
Average cost – Between $285,000 and $537,000
13. Living in a Housing Cooperative
Unlike traditional condos, co-ops often present a more affordable option for homebuyers. However, they come with their own set of distinctive regulations and obligations that might not align with everyone’s preferences.
Average Cost – Approximately 50% less than condos per square foot.
14. Stay with Family or Friends
If someone within your close circle has more room than they need, renting a room in their home could be a cost-effective solution.
15. Buy a Mobile on Land
The allure of mobile homes lies in their flexibility and cost-effectiveness. Building your own mobile home on a plot of land offers the advantage of customization, tailoring the space to fit your needs and preferences while keeping expenses in check.
Websites – Cedarspringsme.com
Average Cost – $125200
16. Stay on a Boat
For the adventurous souls willing to fully immerse themselves in the waterside lifestyle, living on a boat full-time becomes a feasible reality. From sailboats to houseboats to luxurious yachts, boats can accommodate all the essentials required for comfortable living.
Websites – Boatbound.com, Bookahouseboat.com, Leboat.com
Average Cost – $4000 per month
17. Live in a Shed
Shedding conventional living norms and exploring shed conversions can lead to a remarkable and economical housing solution. Before embarking on this transformative journey, conduct thorough research and secure any necessary permits to ensure a smooth transition to your new living quarters.
18. Live in a Storage Unit
Here, the storage container serves as the foundation for your new home. Unless you possess exceptional construction skills, hiring a contractor becomes a necessity to transform the storage container into a habitable living space.
Average Cost – $180 per month
19. Live in an Unfinished Space
Renting out an unfinished basement could prove to be an incredibly cost-effective way to sustain yourself while also enabling you to save up for more suitable housing in the future.
Websites – NestAway.com, Doorsteps.com
20. Living in a Shipping Container
Shipping container homes have emerged as a super-fashionable trend, capturing the imagination of many due to their cost-effective and prefabricated nature. These containers can be ingeniously transformed into apartments and houses, offering an affordable alternative to conventional housing options.
Websites – USAcontainers.co, Modugo.com, Rentacontainer.com
Average Cost – Between $150 to $400 per month
Offering Services In Exchange Of Accommodation
- Become a Live-In Nanny
- Become a Live-In Caregiver
- Become a House Sitter
- Become a Live-In Property Manager
1. Become a Live-In Nanny
Love being around kids? Being a live-in nanny can be a rewarding occupation as you will be in charge of the parent’s most prized possession. At the same time, you will also be residing at the premises of your recruiters, thus saving you residential expenses.
Websites – Nannylane.com, Nannypoppinz.com, Care.com, Indeed.com, etc.
Monthly Average Salary – $5291
2. Become a Live-In Caregiver
Consider an alternative approach to save money on housing by becoming a live-in caregiver. As a live-in caregiver, you’ll undertake the responsibility of providing full-time care to another individual, and part of your compensation might include the privilege of residing in their home.
Websites – Liveincarejobs.com, Indeed.com, 24hrcares.com
Yearly Average Salary – $36494
3. Become a House Sitter
Becoming a house sitter entails more than just staying in someone else’s home; it’s an immersive living arrangement that can span from a brief week-long stint to several months. By lining up a series of house-sitting jobs over six to twelve months, it’s conceivable to not only avoid paying rent but also generate a decent income.
Websites – Trustedhousesitters.com, Nomador.com, MindMyHouse.com
Average Salary – $25 per hour or $51771 per year.
4. Become a Live-In Property Manager
If living in an apartment complex intrigues you, becoming an on-site property manager could be a lucrative opportunity. This role allows you to enjoy the benefits of a rent-free apartment while earning a steady income.
Websites – Indeed.com, ZipRecruiter.com
Yearly Average Salary – $58,843
Practice Minimal Living
1. Move To A Place With A Lower Cost Of Living
A viable strategy to save on rent involves moving to a cheaper area, provided you have the flexibility to do so. While obligations like work or school in your current location might present challenges, it’s still an option worth considering.
Cheapest localities in the USA – Brownsville (Texas), Dayton, Wichita Falls (Texas), South Bend (Indiana), Toledo, Erie (Pennsylvania), Fort Wayne (Indiana), Evansville (Indiana), Akron (Ohio), Buffalo
2. Downsize Your Home
If you find yourself struggling to cover the mortgage of a sprawling 4-bedroom, 3-car garage home, it might be time to consider downsizing. Moving into a more compact home can lead to substantial savings on housing costs, utility bills, and homeowner’s insurance.
Conclusion
For most individuals, housing constitutes the lion’s share of their monthly budget. However, did you know that you can bid farewell to your recurring mortgage or rent payments? There exist cost-effective housing alternatives capable of reducing your living expenses and amassing savings. The path to the cheapest independent living may not align with the grand vision you have for your future. Nevertheless, it will propel you one step closer to your ultimate aspiration: financial freedom.