Life Edited: Graham Hill Wants You To Design A 420-Square-Foot Apartment For Contest That Shows Living With Less Is Possible (VIDEO)

WATCH: Life Edited Contest Encourages Creative Thinking On Living With Less

A big house has become a status symbol that many strive for in America, along with all the unnecessary items to fill such a grandiose space. But bigger isn't always better, as the excess undoubtedly takes a larger toll on the environment, and doesn't necessarily make us any happier in the process. That's why Graham Hill, founder of TreeHugger.com, has launched a new contest, Life Edited, that challenges designers to come up with the most innovative solution to live in a smaller space, and live with less.

$70,000 in prizes will be awarded to the best designers who can take the most creative approach to transform a 420-square-foot New York City apartment into "a little jewel box," as Hill puts it.

Sound easy? Well, there are some rules, as Hill wants to use the best in modern technology and design to make this space efficient, with a minimal footprint, but without sacrificing luxury. The completed design must accommodate a 12-person sit-down dinner, a comfortable lounge option that can fit eight, space for two guests while still retaining visual privacy, a home office, a work area with rolling tool chest and a hide-able kitchen.

Life Edited has teamed up with Jovoto.com to crowdsource the design. GO HERE to sign up, and visit LifeEdited.org for more information.

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