I would imagine that a small VPS would be fine, so long as you were on top of the data storage. I'm running a single user Masto instance on an NUC. i5, 8GB RAM that I bought for £65. I'm not exactly sure my home upload speeds, but they can't be huge.

It's currently using 6GB of storage on media. It is currently set to autodelete, but I assume could grow quite a bit.

I can't say Icve noticed any performance issues, however, I suspect I'm a lighter user.