I have a three bedroom house and I live alone. I'd be willing to buy shelves and stack crafts to the ceiling in the master bedroom which is really big. I would do it just like the library does books to get maximum storage.
But I do have a rule of only having the supplies for the project I am currently working on. That's because I at one time accumulated 5 1/2 years worth of craft projects. And all I was doing was moving them from one place to another.