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The Rise of ‘House Hacking’ Among Gen Z

Impossible Question
Author Maryann Morgan
The Zillow website on a laptop arranged in Germantown, New York, US, on Tuesday, July 25, 2023. Zillow Group Inc. is scheduled to release earnings figures on August 2. Photographer: Gabby Jones/Bloomberg via Getty Images

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.

Meet Maryann, who has been chasing magic since the early 90s. Back then, she hosted a love and dedication show at nights on Magic. Talk about romantic vibes! Since then, she traded her evening slot for mornings. When she’s not talking to you on the air, she’s living the glamorous life of a chicken, duck, pigeon, and German Short-Haired Pointer mom. Since Joel can never follow what she says, there is an entire feature called " What are you Talking About" at 9:10. Running is her secret to staying out of trouble – or at least staying ahead of the extra pounds. She has a husband named Matt, and a son named Zack, who she says makes her world a little adventure.

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.

Best Affordable Christmas Vacations in the U.S.

  • Frankenmuth, Michigan

    Frankenmuth, Michigan, is the self-proclaimed Christmas capital city of the world. Okay, so many argue that Strasbourg, France, takes that honor, but Frankenmuth is close, and it’s a lot cheaper to get there. No passport needed. The villiage’s Franconian-style architecture has given it the loving name “Little Bavaria.” Frankenmuth is also home to the world’s biggest Christmas store.

    Clock tower telling the story of the pied piper in Frakenmuth Michigan.

    Getty Images / Michael Deemer

  • Lancaster, Pennsylvania

    Lancaster, Pennsylvania, is located in Pennsylvania Dutch Country, and it offers a beautiful view of snowy hills and Amish country. It’s a very old-fashioned type of town, making it a charming winter getaway. There are plenty of fun, holiday-type things to do in Lancaster that won’t break the bank.

    Rowhouse in Lancaster, PA

    Getty Images / 2windspa

  • Las Vegas, Nevada

    You might never guess, but Las Vegas, Nevada, is a great spot for an affordable holiday trip. Think about it. Most people wouldn’t think to go to “Sin City” for Christmas. Of course, it’s much less the “sin” part these days, as Las Vegas offers fun activities for the whole family.

  • Charlotte, North Carolina

    Charlotte, North Carolina, is a great spot to visit in the holiday season, because it’s not as crowded as other times during the year. It’s also less expensive to visit during the holidays and offers beautiful decorations during Christmas. Don’t forget the many holiday markets.

    Charlotte, North Carolina, USA Skyline

    Getty Images / Sean Pavone

  • Fort Myers, Florida

    Fort Myers, Florida, is a popular destination for snow birds. But, that’s doesn’t mean to skip it during the holidays. If you want to get away from the snow and ice, Fort Myers offers a great escape over Christmas and for prices that are more reasonable than in many other areas of Florida.

  • Boston, Massachusetts

    Boston, Massachusetts, gets cold in the winter, but it also has that classic Christmas charm. It’s a big city with a smaller city feel during the holidays. What’s more, it’s a more affordable winter vacation destination than many other areas, and you won’t have the fight the crowds.

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Impossible Question
Author Maryann Morgan
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