GLOSSARY · BUDGETING, SPENDING & SAVING

House hacking

Living in a home while renting part of it, such as a room, a basement unit or the other side of a duplex, so the rent offsets your own housing cost. The rent is taxable income, with a share of the home's expenses deductible against it. It depends on your lease or loan terms, local rental rules, and your willingness to be a landlord.

Also called: renting a room, owner-occupied rental, live-in landlord
COMPUTE IT WITH YOUR NUMBERS
Home affordability and mortgage payment →How much house can I afford, and what will the monthly payment be?
LEARN IT PROPERLY
CHAPTER · EXPENSE REDUCTION & COST AUDITING · STRATEGIESLowering Your Housing Costs
RELATED TERMS
Rent versus buy break-evenGeographic arbitrage
SOURCES
All terms →The Library →