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Why Your Home is Too Big - Downsize & Make $2 Million

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Why Your Home is Too Big - Downsize & Make $2 Million: In this Our Rich Journey video, we share how the average American purchases too much home. We discuss a UCLA study analyzing use of space in American homes. We also look at the average cost of an average sized-American home. We then compare that to the space that the average American family needs for a home and look at the cost-savings between the two. Finally, we take the cost savings and spread that into investments over the life of a thirty-year mortgage to show that how downsizing (or purchasing the appropriately sized home) could result in an added $2 million worth of investments.
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#minimalism #tinyhouse #downsize

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22 авг 2024

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Комментарии : 88

@OurRichJourney Год назад

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@zarchbold 4 года назад

Thank you for this video! I have been trying to convince my husband that we need to scale down our 5,000+ sf home for over a year. I showed him your video ans he is sold. He is now understanding and ready to move. Keep up the good work!

@santhiandavan9270 4 года назад

I wish I had this info when we sold our small, cozy n functional home to move in to our current bigger under utilised home 10 yrs ago.

@aubreytrue3470 5 лет назад

I've always said I wanted a small house on a large piece of property. We settled on 1/3 acre and a 1400 sf house. It's a very decent size for 7 people. In my adult life, I lived in 525 sf alone, 650 sf as a couple, and 2400 sf with 8 people. I have never felt cramped, just perhaps frustrated with poor layout.

@chavezito 5 лет назад

You guys are my type! Will show and bingewatch your entire videos with my wife. I have already activate the notification bell. Thanks for your work!!

@OurRichJourney 5 лет назад

CG Jorge WOW! You just made our day😊. Thank you so much for subscribing and joining the journey 😁

@GrnXnham 3 года назад

I have a service business, so I am in lots of homes. I would say that the biggest reason that people think they need bigger homes is because they are hoarders. I see home after home where people only actually USE half the home for living. The other half is just used to store things that never get used. Many people will say that they couldn't possibly fit into a smaller home and they are correct if they insist on keeping lots of old junk that they never use. Have a garage sale and then you can move into a smaller home.

@AmyJBrowne 4 года назад

Thanks for running the numbers and validating my decision. We decided against a bigger house in spite of baby #2. I just didn’t see the point of the expense. 👌🏾

@OurRichJourney 4 года назад

Thanks for watching Amy! :) So glad to hear you've decided not to go with a bigger house if the one you have suits you! Your future self will thank you! :)

@denisemurphy7445 3 года назад

I love love your videos! We have 4 kids and they all want to be in the same room as us anyways! I was always confused when a smaller house was called a "good starter home." Smaller just has so many more benefits. We also use our master bedroom as a guest room and then we sleep on a pull out couch so our guests are more comfortable. It works perfect.

@einstein1102 4 года назад

Ok, no one is gonna talk about Amon's shirt? I am sure he wore the NASA T-shirt on purpose since they are talking about SPACE :-)

@dylanwelch8228 5 лет назад

Love your guys' family and way of thinking. We are currently renting a small home and we love it. This is coming after I was raised in a much larger house. I can't imagine going back. I see my 2 year old son more often and I have much more interaction with my wife too. We feel closer as a family.

@paularogo9865 4 года назад

This is so smart! It has completely changed my mind and concept

@bmarie8965 5 лет назад

My Walk in closet is now my room and my huge master bedroom is now my living room, plan on renting out my main living room for a photographer or yoga space :)

@OurRichJourney 5 лет назад

That is awesome! You are house hacking the excess space and turning it into cash/savings...LOVE IT!

@Bigboss-xe6lm 4 года назад

Not only that; You save tons of cash on maintenance, and less stuff to buy and maintain. Its how it is supposed to be. Its the smart thing to do. Thanks for the video

@rositahl 4 года назад

I just downsized from 1,344 down to 1,050 and actually are finding that we don’t use all the space. Thanks for sharing

@TruSun-G 6 лет назад

come to think about it, growin up... I was in my room 90% of the time. When I wasn't in there, I was in the bathroom or eating dinner (which I could also do in my room). Definitely don't them extra rooms which mean extra money... food for thought!

@OurRichJourney 6 лет назад

Thanks for the comment Sun G!

@critoco 6 лет назад

Totally true!! Me and my partner discover that we don't need a massive house to live in... instead, we choose to be in a small condo or apt and recently we bought a 2 bedroom house with no extra monthly fees like HOA. whcich save us a lot of money,plaus less space to put junk that we don use or need! Great video. I wish more american families use this concepts to live free of debt and minimalistic.

@OurRichJourney 6 лет назад

Wow! That is awesome! And thank you for the wonderful comment! We also hope this video makes a difference and shows families that they dont need the massive house....less is really more :)

@AmelieHarms 6 лет назад

I got a bit defensive when the video started. We DO need more space for our family! And then I realised it was an American video, talking about American size houses. We (2 adults, 2 children) live in an 861 square feet apartment, and yes, we want a third bedroom. Maybe we'll move in a year or two and get closer to the 1100 square feet. 😉

@OurRichJourney 6 лет назад

Thank you for sharing!

@bobbiclinger7500 5 лет назад

We live in a double wide. It is 1568 sq ft. - 3 br, 2 ba., home office space and separate living room. Now that we are down to the last kiddo at home, I am ready to downsize as soon as she graduates from high school. I sell on eBay, so I do need space for a home office and inventory, but I think that could easily be done in around 1100-1200 sq. ft.

@OurRichJourney 5 лет назад

That is so awesome! Thanks for sharing!!! :)

@Gothelittle 6 лет назад

Heh. Our house, the furnished and finished part of it, is about 1600sqft - 1800 if you count every scrap of enclosed space, including the utility room. Five people live here. I can assure you we use every part of the house...

@OurRichJourney 6 лет назад

Its sounds like you guys are maximizing your space. Your household's utilization ratio is 320 sqft per person! Compare that to the average family with a utilization rate of 1,000 sqft per person. BTW here is my math: Your Household: 1,600 sqft/5 people = 320 sqft per person (utilization ratio). Average American Household: 2,500 sqft/2.5 people = 1,000 sqft per person. Thanks for sharing!

@Lukas-kh5gu 6 лет назад

Absolutely. Will never understand why certain people want to own a home beyond 550 square meter. (=160 m2) All that fucking cleaning alone is a nightmare to think about.

@TheBooty28 4 года назад

Yeah. In Europe 160 m2 is BIG...only senior managers buy those. 130m2 is middle class. Most people live in 100m2 or less. Forces u to go out more, meet people and enjoy real living !!

@raylingomen2562 5 лет назад

We lived for a summer in a 127 sq ft rv, 5 of us! It was honestly really great. But that doesn't include the outside kitchen space and the tent to hold the essentials that couldn't fit in the RV. It was a great experience but not the most practical. There are now 6 of us, we are in a 1500 sq ft house, because of poor layout I'd like 100 sqft more to have a dining room so we could all fit around the kitchen table. We do actively use our entire house, we homeschool and layup food from our garden, both of which take up a lot of space. I wish we could have a smaller house but having enough land to garden (which offsets grocery costs) is really important to us, so less isn't possible for our area. We do have plans for building our own inexpensive house on our land in the middle of the desert, no mortgage, no utilities! That'll be our house hack!

@OurRichJourney 5 лет назад

OMG - LOVE your story - thank you for sharing! We would love to build our own house, too! It's on our bucket list!!!

@c.r.8801 6 лет назад

Smallest space ever? Probably the 500 square foot studio apartment we lived in when we got flooded after Harvey. The upside to losing most of your furniture is that suddenly you figure out you can fit a lot of living into a small floorplan if you use it efficiently. And now our 850 square foot apartment feels luxuriously huge! One day, maybe we'll go crazy and purchase a townhome with 1200 or even 1400 square feet.

@OurRichJourney 6 лет назад

Great perspective! Thank you for sharing.

@QuesttoFIRE 6 лет назад

Very well done guys. Lots of great info! 👍🏻🔥🔥

@OurRichJourney 6 лет назад

Thank you!

@vike6998 5 лет назад

Liked ur video, as per American standard , having 1100 sqft house may be downsizing or minimizing, but in India it is luxury, in a middle income group, we have average 500 sft homes for the family of 4,

@OurRichJourney 5 лет назад

Thanks for sharing! Yes- homes sizes, cost of living, luxuries, etc. are all dependent on the person's (or country's) perspective! :)

@dtovar2 3 года назад

I enjoy your videos. They're top-notch. I would like to sell my house. It's too big for a bachelor. However, I have a dilemma. Even if I sell my house for a profit, I will have a difficult time finding something smaller and affordable in the Central Texas area. I've even considered moving to a one bedroom apartment and investing some of the gains on the house. Any advice would be appreciated. BTW - I can retire and will have a nice pension.

@jennyjover9464 2 года назад

I did downsize. You’ll be saving money. Small place is more cozy, relaxing. You’ll be saving time cleaning too and you’ll be paying off mortgage early

@vaibhavaggarwal5300 5 лет назад

Ok. Few questions: If living in suburbs what should you do when there is no home on the market for that size? If you for that size it is downtown and prices go up... city "planning" you see. Could you share the rate of return that you used to calculate $1.9 million and what about the increased value of the home over the period? The calculation does not give a complete picture

@jingles20000 4 года назад

USD 1000 saving every month, 1.9 million at the end of 30 years will approximately equate to a rate of return of 9.18% p.a.

@mtheron100 5 лет назад

Fantastic video! I love how you guys break things down!

@OurRichJourney 5 лет назад

Thanks so much for watching and glad that you enjoyed the video. Your words are really inspiring :-)

@m1ke896 9 месяцев назад

I bulit a 1100 sf house and now I'm regreting it so much. I dont plan on having kids, I dont own a car so the garage will be useless. I think half that space would have been perfect.

@HunkMine 4 года назад

The smaller a house is the more expensive the cost per square foot is and you're not including saved utilities to the math doesn't work out. The point you bring is spot on though!

@mr.sushi2221 5 лет назад

One day I hope I can design and build my own house, I don’t need much, 1100 feet is more than enough space. I really never understood why some of my friends parents always had massive houses all the while they didn’t use half of the house

@OurRichJourney 5 лет назад

Designing and building a home sounds so amazing! We've talked a lot about doing the same. In fact we had some tiny home plans drawn up a couple of years ago.

@libraryminnie7674 5 лет назад

I wonder what is going to become of all these huge houses on little squares of land. I don’t hear anyone wanting a huge home anymore.

@OurRichJourney 5 лет назад

Great point!

@TheASMRlogs 3 года назад

We are purchasing a 2k sq ft home at $86/sq ft! Caught a great deal!

@OurRichJourney 3 года назад

Congrats on your new home Elizabeth!!!!

@momtosix1999 5 лет назад

Our family is seven people living in 1500 square foot home. Wish we had an extra 1000 feet, lol.

@OurRichJourney 5 лет назад

Okay! You deserve it! LOL

@BucketListTravellers 3 года назад

In Australia there are very favourite tax advantages for your primary residence. This acts as a big disincentive for people to downsize.

@OurRichJourney 3 года назад

📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire 🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: www.ourrichjourney.com/firemasterclass ✈Want to move to Portugal? Enroll in our Moving to Portugal Course: www.ourrichjourney.com/movingtoportugal

@oasis3808 5 лет назад

Awesome, awesome video! Thank you

@OurRichJourney 5 лет назад

Awesome! We’re glad you liked it :-)

@jordant2834 5 лет назад

comparing the homes 375k and 165k.. long term it depends on the value of the land more than the house. short term, the higher priced house would be more likely to add another 20% in a bidding war compared to the 165k house.

@OurRichJourney 5 лет назад

Jordan T - You make a good point. The value of land is generally based on location and location is a huge factor in determining the price of a home. Thanks for watching! :)

@ircimager 6 лет назад

my house is 896 sq ft. if you think that is too big i've also got a piece of land over in north africa you could have for cheap. prime beachfront property

@OurRichJourney 6 лет назад

896 sq ft! So cool! Thank you for the comment.

@venuskirby8243 3 года назад

Where I currently live it is less expensive to own my home than downsizing.

@JesusChristo 4 года назад

I'm Los Angeles, average homes have to be around 1400 SQ feet I think. At $700k on not the best areas.

@mcfluffier 5 лет назад

I live in a 450 ft apartment for a couple of years, live in a 1200 sqft home now

@OurRichJourney 5 лет назад

Thanks for sharing!

@TWN321 3 года назад

This channel is excellent!

@slowslug3247 5 лет назад

I live in California, those prices were unheard of for here. I wish it were that cheap, where sells a house that cheap? Is there a place that is warm and safe from natural disaster that is actually that cheap? I’m willing to move for those prices

@Cameroner1 6 лет назад

We live in 900 square feet with 3 adult (2 married) humans, a cat, ferret, and bearded dragon. We squeeze by. Just kitchen and general storage has to be creative. But we don't have to make any sacrifices really. I wouldn't dare go smaller though lol. Also I'm wondering how you did the calculations to get from 600 feet of living space to 1100 feet . How many feet are allocated per person/couple?

@OurRichJourney 6 лет назад

Thanks for sharing. Your utilization or sqf/person is only 300sqf/pn. This is awesome compared to the average American family that has 1,000 SF/PN.The study did not count bedroom space in the 30% utilization so we added the total average bedroom space from the study, 500 sqf,(which is generous). So 600 sqf common area + 500 sqf bedrooms = 1,100 sqf. With the average family being 2.5 that would be 440 sqf/pn in a 1,100 sqf home.

@faithhayles9606 5 лет назад

Is there a way I can reach out to you directly? I have a few questions related to this video Thanks

@OurRichJourney 5 лет назад

Yes. You can reach us on twitter (@ourrichjourney) or instagram (@richjourney). Drop us a DM.

@mrs.castle8432 5 лет назад

My friends brother put an offer on a

@OurRichJourney 5 лет назад

OMG! WOW! That is VERY expensive :-(

@veraiskandarian4547 4 года назад

You guys are the best

@fbrown8813 4 года назад

If only my hubby was on board, I would down size to 1500 sq ft. but he is not having it.

@mytwocents522 5 лет назад

What’s the calculation on 1.9M $?

@OurRichJourney 5 лет назад

Its based off the savings if you buy a smaller house, then invest the savings, and those saving grow at the average rate of return for the stock market.

@mytwocents522 5 лет назад

Our Rich Journey I get that, but how an extra 1000 per month can turn into 1.9 M was my question

@f913 4 года назад

Thanks for the video. I have a question. There is any email that I can send me question? Thanks :)

@OurRichJourney 6 лет назад

What is the smallest space you've ever lived in (house, studio, car, RV, etc)? Please share!

@s.b.5591 5 лет назад

500 sq ft loft with my boyfriend!

@mtheron100 5 лет назад

850sqft as a family of 4. Now moving into 900sqft as a family of 5 plus 2 cats and 2dogs.

@sarahhicks3971 4 года назад

Our current house is about 900 square feet & it’s too big for us. But we live in the uk & our houses tend to be smaller. Great video as usual guys! I’m now going back over the old ones 😂

@copperhead2694 4 года назад

It was a RV 32 ft. No slide outs very old. We remolded it. And moved it to 3 acre of land we bought. Paid cash for. It was heavily wooded. We sold our 2200 sq fr house. And moved to our land in our RV. We started to clear the land and build our homestead and retirement cabin. We got out of debt. Was able to live off one income. I started to work for my self and all that money is extra , goes towards building , vacation , investment etc. it has been 6 yrs and we have the cabin 95% finished. All that is left is wood ceiling, and floor in living room. And trim around windows. Along the way we had to do random other projects to have a more sustainable life. Fruit trees garden, live stock. Barn. We built a 1000. Sq for cabin. It has full bath bedroom , full size beautiful kitchen plenty of work space and a living room. We built a separate small one room one bathroom efficiency for my our office space and guest that come to visit. Plus it tripled as a extra storage. We did everything ourselves, and paid cash no credit or loans on anything. 100% owned our kids are grown . So it is perfect for us. We realized we didn’t need all that wasted space especially when kids are grown and gone. Less to clean , less to pay for ( electricity) water is free , we had a Well put in the water is the best I have ever tasted. Matter of fact I bring my own bottle of water every where I go and do not buy it anymore. My ultimate dream was to move to Italy and do the same there. But Now I’m going to check out Portugal. 😁

@TheEGA4421 4 года назад

My first place (by myself) was a studio apartment and it was 295 sq ft. I was 20 years old and that studio had a full size bathroom with a tub and regular size refrigerator! To this day, I still miss that place.