Realtor.com, the real estate site, published an analysis revealing that persistent inflation and high home payments in the US are causing homeowners to Think of creative ways to offset rising costs.
The popularity of short-term rentals has increased according to Realtor.com and CensusWide surveys. Among the owners surveyed, 39% have or are considering renting out their primary home.
The younger generation has the greatest experience and interest in using this resource: 74% of Generation Z and 66% of Millennials Have you ever rented out part of your home or thought about doing so?
Similarly, More expensive regions of the US are more open to renting out part of their home– 50% of homeowners in the Northeast and 42% of homeowners in the West have done it or are thinking about it.
The housing market in the West has particularly cooled over the past year as rising mortgage rates have made the expensive region less desirable. However, owners who are content to stay say they are willing to think Use your investment by renting out a part of your home.
Homeowners tend to rent out a portion of their home largely driven by economic factors. The largest number of respondents (39%) cited the need to keep up with inflation as a reason for renting out part of their home.
The report shows that more than the third do it to save buying a house at the current highest rate, 29% are looking to prepare for a possible uptick in their variable rate mortgage and 21% are looking to offset their current mortgage.
Most people who rent or are considering renting their home look to rent it to someone they already have a connection with. Almost half (44%) rent from friends, while 39% of friends of friends, 38% of their close family and 35% of family members. However, almost a third (28.7%) of respondents are willing to rent their home to strangers.
“Mortgage rates are expected to remain high. Depending on local regulations, renting out part of your home is a good option for many homeowners to offset the impact of inflation and prepare for a future home purchase,” said the Realtor. com.
Whether looking to rent out their home and make extra money while on vacation or rent out an extra room to help pay off the mortgage, homeowners can easily access Find out how much you can earn by hosting your Airbnb space on Realtor.com.
