Most Americans aren't prepared for an extended slowdown in the economy. To prepare, one must cut expenses, build savings, and even downsize.
There's nothing wrong with downsizing in a recession - it's survival of the fittest - and with a recovery that could take several years - this could be one of the best ways to weather the financial storm.
Not taking the precautionary measures to shore up one's finances in a downturn could prove disastrous - but for those who make the transition to tiny homes, it could result in minimal debt and economic freedom for when the next expansion arrives.
The tiny home movement started about a decade ago among heavily indebted millennials who couldn't afford to purchase the average home. In other words, they simply couldn't afford the American dream.
Living in less than 1,000 square feet space could be the norm for many Americans or at least for the ones who downsize. There is no clear guidance on the economic recovery - despite the Trump administration cheerleading imminent V-shaped recovery ahead of elections - though, we all know it's all election bullshit propaganda, and an actual recovery could take several years. As for the labor market, the unemployment level is expected to stay elevated through 2021.
For those who have considered downsizing - HomeAdvisor has compiled a list of the most popular states for tiny home living. The site used geolocation data from Instagram posts containing the #tinyliving hashtag was used to determine the best areas.
HomeAdvisor's top ten most popular US states for tiny home living:
- North Carolina
- New York
For anyone thinking about fleeing a metro area because of social unrest and second round of coronavirus - well, right now might be the perfect window of opportunity to discover tiny home living in a rural community, which will serve two purposes: first, save money and cut expenses; second, isolate oneself and or family from collapsing American inner cities.