Makes me want to buy a couple of small rental homes in KS or NE! Incredible prices. (especially compared to Southern California.) That's always been my backup plan. If things went really wrong, I figured I could sell my cottage and buy another small, older house in another part of the US where homes are a bargain.
UltralightAngler, It sounds like you've got a really great deal where you are to me. Owning a home is a big responsibility. It's not for everybody. I've been VERY happy with mine, but I really wanted it. I searched this area when prices were low. I started out as a renter, and I looked at every house that went on the market in this neighborhood. I kept a log. I built relationships with plumbers, handymen, and painters. I ended up buying the cottage I was renting without a real estate agent. I fixed it up so nicely, people wanted to help me. (When I moved in it was an eyesore.)
You don't sound to me like you'd be very happy owning a home. My hit on you is that you like having less responsibility and more freedom. Rents here are much higher than what your sister is charging you. Have you ever lived with anyone besides family? (It sounds like you've had roommates.) Are you used to paying the going rate for rent? (I don't mean this as an attack, I am just curious.) I rented for years, and it was a big chunk of my take home pay.
Also, that student loan is huge. (I don't mean that as a judgement.) I think that has a lot to do with how you feel. I would work on getting debt free before thinking about a home purchase. I would also try to increase your income. You obviously spent a lot on education...what kind of degree? Does your current income match what you expected to make after graduating?
My hit on some of the people who end up unhappy with tiny houses is that they're not very good with money. They go ahead and spend a huge amount on something that turns out to be illegal and a money pit. They don't sound like smart shoppers. They also don't strike me as being very realistic. I love the look of tiny homes, but when I compare them to my small home on a 7,400 square foot lot, they seem way too expensive. Also, I have found that the land value really matters, especially in an economic downturn.
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