I'm currently in a 700 sq. ft. apartment, having gone from a 2000 sq. ft. house with 4 people in it at one time. I love the small space, it's a perfect size for 1 person, though crowded when I have visitors. Easy to care for and clean and cheap enough to heat, plus close to work (commute by bike, grocery shop by bike). I have a large basement for bike work. Currently starting to think about buying a house and have seen a 624 sq. ft. cottage in a quiet setting and a 786 sq. ft. place that I like. Both have less closet space than my current apartment, so thinking carefully about layout and storage space in terms of what will work for me. The decision may also depend on whether my 22 year old son is likely to live with me very much. I don't think I could manage a 500 sq ft place unless I gave up some hobbies and biking/hiking/skiing equipment and the clothing/boots/shoes that go with them.