High down payments and higher interest rates are pushing younger homeowners to get creative in order to pay the mortgage. And house hacking is becoming more common as a result.
House hacking is the term that has been coined to describe homeowners renting out a portion or all of their home for extra income, and a recent Zillow survey found that it is becoming increasingly popular.
“Data from Zillow’s Consumer Home Trend Report indicates that more than half of Millennial and Gen Z buyers view the opportunity to rent out their entire home for rental income as “very” or “extremely” important,” the survey stated.
The survey found that 39% of homebuyers believe that it is as important to be able to rent out a portion of their home as live in it, an 8% jump compared to 2021.
UrbanTurf readers, are you renting out all or a portion of your home to help with the mortgage? Email us at editor(at)urbanturf.com and let us know.
This article originally published at https://dc.urbanturf.com/articles/blog/house_hacking_all_the_young_homeowners_are_doing_it/21698.