The Rise of ‘House Hacking’ Among Gen Z
In the midst of soaring home prices and record-high mortgage rates, Gen Z is redefining the path to homeownership through a savvy strategy known as ‘house hacking.’ This innovative approach involves renting out a portion of one’s home to offset the financial burden of purchasing a property, making it an increasingly popular trend among young adults eager to step into the realm of homeownership.
A recent Zillow survey has shed light on this emerging trend, revealing that over half of Gen Z and millennial homebuyers are seriously considering house hacking as a viable option. But what exactly is house hacking, and why is it gaining traction?
At its core, house hacking transforms the traditional homeownership model by turning homes into income-generating assets. By renting out a spare room, basement, or even a portion of the living space, individuals can significantly reduce their monthly mortgage burden. This not only provides a practical solution to the financial challenges of homeownership but also fosters a sense of community and shared living that resonates with the values of the younger generation.
The urgency of house hacking becomes apparent when considering the current real estate landscape. According to recent data, the median sale price for homes has seen a sharp 3.5% increase from the previous year. Simultaneously, 30-year mortgage rates have soared to 8%, marking the highest level in 23 years. Faced with these economic challenges, house hacking emerges as a creative and strategic response for those who might otherwise be priced out of the housing market.
The question arises: Would you be willing to ‘house hack’ to afford a new home? For many Gen Z and millennial individuals, the answer is a resounding yes. The prospect of not only owning a home but also having a means to make it financially feasible is an attractive proposition. As the housing landscape continues to evolve, ‘house hacking’ stands out as a promising avenue for the younger generation to realize their dreams of homeownership in the face of economic challenges.
Best Affordable Christmas Vacations in the U.S.
Christmas is a time to visit family and friends and get away from the daily grind. The holidays can be a wonderful time, but they can also be very expensive. From buying lots of Christmas gifts for family and friends to having to pay for plane tickets and travel, holiday expenses can really add up. But, the good news is that there are some affordable Christmas vacations in the U.S.
One good thing about traveling during the winter months is that it’s often the off-season for popular vacation destinations. Of course, the holidays are a busy travel time. That makes late December a difficult time to find a deal for travel. But, if you don’t mind the cold and snow, some northern areas of the U.S. offer very good deals. That’s true even during the Christmas season.
Some tips for finding a good deal for holiday vacationing include searching a lot of booking websites, comparing different hotel dates to find the most reasonable ones and finding bundle deals. Also, keep your eyes open for special deals on resorts and hotels that are just opening. That’s because sometimes, during those opening months, new vacation spots try to attract a loyal clientele by offering special deals. One more tip is to search for airfare rates individually even if you are traveling as a couple or a group. If you put in a search for a group of tickets, the algorithms will often leave out information on one or two cheaper tickets being available. They’ll just send you a group of tickets, sitting together, all at the same price. So, you might get a deal if you search for one ticket, instead.
So, what are the best affordable Christmas vacations in the U.S.? Here are some popular spots that won’t break the bank.