Living small to save money

November 18, 2008 6:11:10 AM PST
Ever consider living small to save money? It's the latest trend in home building as more people are looking for ways to downsize their homes. And we're not talking about going from a house to an apartment. Instead, they're trading their place for tiny spaces.

In the middle of California wine country, Jay Shaffer lives in a 100 square foot house.

So does Bill Kostrinos, but he says owning a tiny house is a trade off for living without debt.

"I'd say I'm living on less than 15,000 a year -- mortgage free," he said.

Shaffer says thousands are unloading clutter and joining the small house movement.

"I look around and I do see a lot of people who seem to be slaves to their homes," Shaffer said.

Living smaller has allowed him the freedom to walk away from a job he didn't want.

"I didn't want to pay rent or a mortgage forever. I did it to escape the rat race," he said.

Now he designs small homes for those who want a scaled down version of the American dream.

Kastrinos joined the movement out of necessity.

"We had a construction business in Southern California and things started slowing down with the economy," he explained.

So he started over, and now builds small houses.

The houses run between 15 and $45,000. You can park them anywhere that you can park an RV.

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