Downsizing from a family property to a tiny house can free you from clutter, slash your bills and earn you a lump sum to spend on what really matters, from hobbies to travelling the world. In fact, according to homebuilders Tiny Heirloom, your running costs could drop to between $50 (£38) and $300 (£227) per month. That's a saving of at least $1,300 on the average household costs, according to the Bureau of Labor Statistics. Here's how much money you could free up by living tiny in 2020... 

Nestled in 2.5 acres in scenic Lake Park, Minnesota, this snug woodland dwelling can be yours for a mere $98,000 (£75k). The stylish tiny house on wheels comes with its own land, however, adventurous owners can just as easily take it on the road. What's more, downsizing to this beauty could leave you with spare change to the tune of $145,000 (£110k) if you sell your old home for Zillow's average US house price of $243,000. Not bad! 

Finished in light wood, oak and a fresh neutral palette, the interior craftsmanship is second to none. There's space for a plush sofa and a small dining table and chairs, while the mezzanine loft can be used for storing all those essential bits and pieces.

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Like the idea of living amongst other tiny home owners? Creek Walk Tiny Home Community is an idyllic site on the Swamp Rabbit Trail, conveniently situated a mile outside the picturesque South Carolina town of Travelers Rest. A two-bedroom property in this friendly community can be snapped up for just $84,999 (£65k) – if you sell your old home for the going average in the US, you'll end up with the sizeable sum of $149,000 (£114k) as well as a snug new home. Not bad!

Decked out in the same classic, clean style, the home's two bedrooms are surprisingly larger than you might imagine. The master has ample space for a double bed, while the other bedroom can fit a bunk bed thanks to its double-height ceiling, meaning the house can comfortably sleep four people.

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On the market with Premier Homes & Properties for $79,900 ($61k), this compact dwelling is situated on three acres of land in Rogersville, Tennessee. Nestled in a stunning valley, the property has not just one but two relatively capacious bedrooms, plus you'll end up with $163,100 (£124k) to spend on what really matters if you sell your old home for the national average of $243,000.

Located in the wilds of Cabot, Vermont, this captivating wooden tiny home is just the thing if you're craving an escape from the rat race. Fancy swapping your family home for this snug rural retreat? It's available now via Harrington Realty for $79,000 (£60k) and could leave you with the princely sum of $164,000 to play with if your house sells for the average US price tag.

Snug and cozy, the duplex property features characterful wood panelling throughout for an authentic cabin feel. Each of the living spaces is heated by propane and fully wired for electric, while the property also comes with a solar panel to cut down on energy bills.

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This luxe micro home on a two-acre parcel in Floyd County, Virginia, is a cut above the rest. Completed in 2018, the colourful clapboard property is packed with an array of premium features and includes a shed for storage. If you sell up your home for the US average of $243,000, this charming dwelling, which is on the market for $78,950 (£60k) with Long & Foster Real Estate, will leave you with a spare $164,050 (£125k) after purchasing.

Our favorite space, however, has to be the gorgeous monochrome bathroom. The room wows with a Victorian-inspired clawfoot bathtub, as well as an antique-style washbasin, white wood paneling and quirky statement shelving.

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On the market for $74,000 (£57k) with RE/MAX, this pretty clapboard tiny home is found in the tranquil Florida community of Three Rivers Estates. The property has had a number of recent upgrades from an improved split air-conditioning and heating system to new carpets. Traded for the average US house, you can expect to free up the significant sum of $169,000 (£129k) if this pocket-sized property takes your fancy.

Dreaming of life on the road with all the creature comforts of home? Available via Tiny House Listings, this mobile tiny house near French Lake, Minnesota, offers the best of both worlds. As well as providing a scenic plot to come back to after your travels, you'll end with a sizeable wad of spare cash – $193,000 (£148k) to be precise – if you sell up your old home at the average US house price of $243,000. The perfect way to fund your adventures!

Built in 2018, the characterful house offers a wealth of features, including 12V and 110V electric systems, a 35,000 BTW furnace and a dual-power water heater. The rustic wood-paneled interior is as snug as they come and the living space even has a large corner sofa.

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On the market with Zak's Realty, the property features a cozy living area fitted with an electric fire, a separate kitchen complete with a full-sized stove and refrigerator, plus a bathroom with a shower and compost toilet.

The upper-level bedroom, which is accessed by a staircase rather than a ladder, is big enough to fit a double bed. An added bonus, the property also has plenty of storage space, while guests can sleep comfortably on the sofa bed in the living area. Ready to downsize and free up cash for the things that matter? Maybe it's time to dream big and go tiny!

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