Should I consider house hacking to offset rising mortgage costs?
Should I consider house hacking to offset rising mortgage costs?
House hacking is becoming an increasingly popular option for offsetting rising mortgage costs, especially in areas with high housing prices. This strategy involves purchasing a multi-unit property, such as a duplex or triplex, and renting out the other units to generate income. The rental income can help cover your mortgage payments, making it easier to afford the property. For individuals who don’t mind living alongside tenants, house hacking can be a smart way to leverage real estate for financial benefit. It’s particularly attractive in markets with high demand for rental properties, such as urban areas or regions experiencing a housing shortage.