How much does it cost to become a homeowner? As we’ve discussed in a previous article, the real answer entirely depends on your priorities and finances. Your budget needs to act as a guiding line when you decide what you can afford. Keep in mind that the price per square foot in the current real estate market is around $184. With the average family house in the US between 2,400 and 2,200 square feet, it is fair to say that buying a traditional family house is a long-term investment.
Currently, the median house price is around $428,000. Unfortunately, as living costs are also increasing faster than our monthly wages, it is easy to see why many Americans struggle to become first-time homeowners. But some solutions can make homeownership possible and enjoyable without breaking the bank. You might, however, need to be ready to make some compromises. Can you be happy in a non-traditional house?

Build it yourself off the grid / buy off-grid homes
Living off the grid is suitable for everyone. Typically, off-grid properties tend to be in remote and rural locations. So, it may not be a good idea if your professional career requires you to constantly commute to the city.
Additionally, off-grid properties do not have access to convenient facilities such as the electricity grid or even an organized water supply. You will need to provide for yourself, using renewable energy resources and building your own water station. Therefore if one of your family members requires constant and secure access to energy or water for health reasons, such as someone using an at-home dialysis device, living off the grid can be risky.
Yet, if your health and lifestyle allow, you can buy or build super-efficient off-grid property for less than a tenth of the median price of a traditional house.
Downsize with style
Why buy a big home when you can be comfortable and cozy in a small, functional mobile home from Top Notch Homes? A small mobile home covers a surface of 1,153 square feet, almost half the size of a traditional house. Don’t be fooled by a small-size property! These still have all the necessary features and appliances for your comfort and quality of life.
But they are more affordable and better suited as a first home for buyers on a shoestring budget. Nothing prevents you from upgrading to a bigger home when ready to move to the next step on the property ladder. Selling your first home can help finance your next property.
Rent your rooms
Renting out rooms inside your home can help make monthly payments toward your mortgage. You may not be ready to rent a spare bedroom, but there are many other options available:
- Rent your garage for parking and storage
- Rent your basement for home office functions
- Rent access to some unique facilities, such as a home gym or a swimming pool
You could make a stable and regular source of secondary income.
Homeownership is becoming increasingly stressful for first-time buyers. A traditional home can be expensive to purchase and run. So, it’s worth thinking outside the box and considering options that allow you to become a homeowner without breaking the bank.