House Hacking: A Strategy to Achieve Homeownership and Generate Income
House Hacking: A Strategy to Achieve Homeownership and Generate Income
Does owning a home seem out of reach financially? Here's one technique that could help.
What is house hacking?
House hacking refers to situations where you purchase a home with multiple housing units. You live in one of them and rent out the others to generate income to lower, or even pay your entire mortgage.
In 2010, a high school mathematics teacher in Key West, Florida used house hacking to open the door to homeownership when it seemed impossible. They bought a duplex with an FHA loan with just 3.5% down and rented out the other side, resulting in a lower monthly payment than renting.
Could house hacking be right for you?
House hacking isn't right for everyone, but if you're willing to live in a multi-unit property and become a landlord, it can be an excellent path to owning a home quicker and for a lower monthly cost than you may have thought possible.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.