AFP
The practice of renting out part or all of a home for additional income, known as “house hacking,” is growing among young homebuyers, according to a survey by Zillow.
The survey, which was conducted from April to July, shows that 51% of Millennials and Gen-Z homebuyers, or people who are 18 to 43 years old, consider it “very” or “extremely” important to rent out their entire home to get additional income.
There was an increase of nine percentage points from two years ago, Zillow said. The study pointed out that younger homebuyers often face challenges in affording down payments and mortgages.
The real estate website’s survey also showed that Black or Latin prospective homebuyers are more likely to hack their houses.
“The rising interest in house hacking reflects a pragmatic response to the financial challenges of homeownership, particularly among younger generations,” Zillow said in the report. “The variations across racial and generational lines underscore the need for tailored solutions to address the evolving landscape of housing preferences and financial strategies.”
Another survey conducted by Bankrate and released in October showed that millennials are facing more challenges to buy homes, including high student debt loads and the effects of career stagnation from the Great Recession.
