As the Baby Boomer generation ages, the cost of living to care for aging parents increases in sync. Many forty and 50-somethings preparing to care for their parents answer the higher expenses by opting for residential care over in-home care to save financially. According to NPR, caring for the aging with options from in-home healthcare, residential care, or assisted living facilities it becomes difficult to negotiate the living wage with necessary expenses. These monthly expenses range from $2000 to well over $8000. So, how does tiny home living add up as a possible solution to this financial dilemma?
The tiny house movement is sweeping the nation with numbers growing in both houses as well as states legalizing homes on wheels and backyard dwellings. With this rise in acceptance has come an increase in building costs. However, tiny home dwellers still report a much lower cost of living versus the average apartment rent or assisted living in most cities. So, what if there was an answer?
Consider the idea of a granny flat or ADU (Accessory Dwelling Unit) as an answer to caring for your parents without having to place them in a residential nursing home far from where you live or paying for assisted living. With this idea, you are increasing your home’s value, providing a space for your parents to call their own within walking distance from your front door, all while drastically reducing your monthly expenses.
Most tiny home buyers pay off their houses in full since opportunity for financing these mobile dwellings is still limited. Buyers who don’t have the upfront capital to pay in full might be happy to know that certified builders like Movable Roots offer consultations to assist their clients to find financing.
For tiny home dwellers who have their houses already paid off, most report the average monthly cost of living to range from $160-$800 per month. This includes utilities (electric, water, and gas), trash, and land rent. If you add NPR’s average cost of an in-home care provider at $19 per hour, this reduces the monthly rate from over $7000 for a nursing home facility by nearly 50%.
Others, who financed their tiny house, like any other home on the market, still report their monthly cost of living in the range of $450-$1100 per month. This means that the cost of living for those building granny flats for their parents can remain less than the cost of the average two-bedroom apartment in the city. You then own the home as well as the land on which is it parked in the city or on agricultural property where some more mobile aging parents may look to park a tiny house on wheels should they be mobile some months of the year.
Expert builders such as Movable Roots offer a completely custom design and build experience from the consultation to the day you leave with your keys in hand. Unlike an apartment that has had hundreds of renters before your parents in a senior living center or a nursing home facility, the tiny home experience allows a client to design, build, and buy the home of their dreams—on wheels or stationary.
When parking this tiny dream house in the back yard or on land already owned by you, you are able to build a beautiful home that your parents can age in near to you, saving you money and increasing your property value all while caring for your family.
Is it possible that the tiny house revolution currently taking the world by storm could be the answer to those searching for a solution to care for their aging parents without the price tag that comes with it? Contact Movable Roots for your consultation today!