The 4 biggest regrets of people about reducing the size of their home

Myers said that although she and her husband, both 60, were eager to have less space in their new home – especially because less space seemed to be less – the trade-offs were not worth it in the long run.

"We were both irritated by the limited space and frustrated by the lack of privacy," she said. "Our second bedroom has been converted into an office and recreation room and we have even started using headphones to watch television separately to prevent the sound from getting in the way."

Marketing consultant Marsha Kelly and her husband, both in their 60s, moved from a 4,300-square-foot home (with a 1,200-square-foot apartment) to a vintage van under 100 square feet.

"My husband has convinced me to join the van movement by joining our vintage VW to roam the country – and the van is about as big as two walk-in closets," said Kelly in Business Insider's an email. "We find that we live mainly outside the van and that we use it as a bedroom, bathroom and kitchen with casters," Kelly said.

In addition to a lack of privacy in the van, Kelly said that, to finance their mobile lives, they rented their home, which she said also evokes an invasion of privacy.

"I regret this decision because now my beloved house is filled with strangers – and I had to throw 75% of all my stuff," she said.