Downsizing on a Budget

The Scenario: Affordable retirement in a cozy home​

AARP Membership— $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.

Join Now

Check out the choices Betsy Barbour had.

Getty Images

1. Fort Myers, Florida - High-Rise at a Lower Cost ($450/month)

Betsy was drawn to a compact studio apartment with water views in an amenities-rich Fort Myers older-adults community for around $450 a month.

Reed Young

2. Tavares, Florida - Let’s Get Small ($28,000)

Stumbling upon the tiny-house movement (400 square feet or smaller), Betsy found she could build a 200-square-foot dwelling on wheels in a Florida tiny-house community for just $28,000: “a new lifestyle adventure.”

Shutterstock

3. Fort Myers, Florida - Hello, Roomie! ($375/month)

Betsy and a friend realized that with a roommate, they could afford — at about $375 a month each — a small two-bedroom rental in a gated age-55-plus Fort Myers condo community on a lake. “After years of living on my own, I really liked the idea of sharing space and costs,” she says.

Theo Stroomer

Her pick: Option 2! It’s tiny time!

Elizabethtown, Pennsylvania ($28,000)

Betsy loves her mini abode’s affordability and mobility (she’s already moved it — to Pennsylvania!). There’s also a philosophical element to aging this way. “I’m already thinking this tiny house is too big, and I may go even tinier. The smaller I go, the more it forces me to pare down my life. By the time I’m done, my son won’t be burdened with going through a lot of my stuff.”