Buying a starter home is about purchasing your first home at a modest price point with the idea that, after years of hard work and career growth, you will purchase your “forever home” that will suit your family’s long-term needs.
The issue today’s young people are facing is that many are not seeing their finances grow at the same pace as the cost of real estate. And since houses are viewed as an investment, millennials have gotten creative. Enter “house hacking.”
What is house hacking? It’s a mix between buying a personal residence and an investment property. Simply put, house hacking is buying a multi-unit property, living in one unit and renting the other(s) for supplementary income.
How is house hacking a game changer for this generation?
1. House hacking can save you money