With housing prices so high, what are some living options to help save money?

The price of housing never comes down, it even seems to be escalating at such a rate that it is getting harder for those on even reasonable, not to mention more modest incomes to keep up. But there are plenty of tips and ideas to be found regarding saving money in this area.

The most obvious one is downsizing. This might mean actually moving into a smaller house, something that might become more achievable once one or more of the kids has left home. But it also includes financially downsizing, that is, moving to a more affordable part of the country where the same money might even see you able to purchase a larger property and leave you with more disposable income at the same time. Aside from the cost of the movers the gains are all yours.

And talking of the kids leaving home, if your s are lucky enough to head off to university, say to the greenery of New England or lucky enough to have found a place at a boarding school in sun-kissed California, (incidentally, more of which here – Boardingschools.ca) then renting out their rooms is a great way of making some additional cash for a few years.

Another option is having elderly relatives move in with you, thus releasing the equity in their property. This might finally give them the financial freedom that they hoped that their retirement would be and they can contribute to the costs of your own house. This will require some initial outlay, usually requiring the creation of their own personal living space, either as a converted wing or a specially built extension. It might even require the house being made more accommodating for the less mobile residence such as easy access ramps or the best residential elevators, easier bathroom facilities, and the like, but in the long run, the fact that more people are living in one property will ease the costs.