Four Alternative Living Arrangements to Beat the Cost of Housing

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Recent years have seen a steady rise in the cost of affordable housing in many cities across the country. Many people flock to the cities in search of better opportunities; this increase in population is what drives the housing price. Part of the problem may also lie in a lack of awareness or willingness to explore alternative living arrangements. If you’re among the current crop of millennials (or younger) who are faced with the predicament of finding a suitable place to live without burning a hole in your wallet, here are some alternatives you might want to consider.

Live on the water

The idea of living on a yacht or sailboat can conjure up associations of adventure, a carefree lifestyle, and expense—something which many people may find intimidating. But the selection of boats can vary greatly, so if you pick a smaller, less valuable vessel, you’ll save on costs and insurance. Clean and safe boating marinas with full amenities will shore up any missing conveniences from living in a small craft on the water. Just be prepared to take on a lot of boat maintenance to go with your newfound romantic, travel-friendly place of residence.

Make an RV your home

Some people don’t like the idea of living on a boat or don’t enjoy proximity to a good body of water. Not to worry, though—overland transportation can be converted into adequate living arrangements, as well. If you’ve just bought a piece of land but have yet to go about putting up a house, living out of your car is a practical interim solution. However, a properly equipped RV offers all the essentials you’ll need for affordable living in the long haul. At the same time, living in an RV allows you to travel around the country and find work on the fly.

Get a tiny house

Why not enjoy the benefits of mobility while also living in an actual house? Tiny houses can be an excellent way to save on costs if you’re good at minimalist living. You can hook up a tiny house to the back of your car and enjoy a similar on-the-go lifestyle, without having to squeeze everything you need into your vehicle or commit additional resources to an RV upgrade. Although you’ll still need to perform maintenance and pay for utilities, costs can go down by quite a lot when you only need to manage a small space. Make sure, though, that you have enough land, either rented or owned, on which to set down your portable little home.

Take on a side hustle

What’s better than saving a lot of money on housing? Well, you can turn that expense into a source of income, for starters. You can find quite a few side hustles that allow you to earn income while getting a place to stay. People who work as live-in caretakers or house sitters, for instance, often enjoy free room and board to go with their duties. Airbnb owners may be looking for a property manager who can live on the part of the property in return for overseeing guests and maintenance. With sufficient capital, you could also become a landlord—buy a multi-dwelling property, live in one unit, and rent out the others to subsidize your mortgage.

We all need shelter as a basic requirement for living, but four walls and a roof aren’t the only options out there. Scout some alternatives, and you may find freedom from the problems most other people face when searching the housing market for living options.