The usable space in my home gym is slightly larger, around 9'x7', but I agree 8'x5'6" should work (although it will be a tight). I work out alone and do not have safety racks either, but it did not take me long to learn how to dump the bar. I may eventually invest in some adjustable saw horses because I find that I am a little tentative squatting ATG as I approach my max with no safety racks, but it can be done.
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