Today, I live in a 520-square-foot tiny home on wheels that I built for $175,000. I pay $725 a month in housing costs, which covers my parking space (in the backyard of someone's home), internet, water and electricity. Photo: Sean Farney for CNBC Make ItWhen I lived in the bigger house, I'd constantly buy things that I never ended up using. Now I have a 13-gallon kitchen trash can and a 13-gallon recycling bin. Your tiny space can be whatever you want it to be.

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Persons: Sean Farney, it's, I'd, Jen Gressett Organizations: CNBC