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Study: Downsizing popular option to minimize housing costs

Posted on Monday, August 4, 2014 at 10:01:01 AM

Homeownership is a significant investment, and finding the right residential financing rate and terms is a smart first step on the path to a fiscally sound purchase. However, planning ahead can help prepare you for the economic ups and downs, and a recent survey from Trulia shed some light on potential strategies of homeowners, should they need to cut back on their expenses.

According to the Trulia survey, the favorite way to reduce housing costs is through downsizing. In fact, 38 percent out of the more than 2,000 respondents would move into a smaller home. The next most popular option was renting out a room or moving to a more cost-effective neighborhood.

In addition, Trulia found that millennials are more eager to move compared to their older counterparts. Plus, younger generations still may be able to move in with their parents.

While downsizing is a popular way to curb costs, it can have other benefits, as well. According to FrontDoor.com, some people decide to move into a smaller home when they want less space. That could be motivated by an eco-friendly outlook or just fewer maintenance jobs around the house. No matter the reason, looking for effective ways to save money can help ensure a seamless homeownership experience.