‘House Hackers’ Increasingly Creative in Trying to Pay Their Mortgages

In its most recent survey in 2019, the U.S. Census Bureau reported that 44.1 million people were renting their homes. These statistics, coming five years before the current housing inventory shortage of 2024, beg the question: Where will the next wave of rental homes come from? The short answer could be “house hackers.” House hacking has become a verifiable trend in the past couple of years as cash-strapped homebuyers paying more than double the mortgage interest rate of a couple of years ago are looking for ways to monetize their homes.   From renting out individual rooms in residential homes to bedrooms to garages or even renting out the backyard, “house hackers” are becoming increasingly creative in finding ways to pay mortgages, which consume anywhere from 30–50 percent of their gross income. ...