House Hacking: Make Money Off Your Home

House hacking involves renting out a part of your residence to create passive income. Here's how it works.

Keys are exchanged after a home is rented.
(Image credit: Getty Images)

Whether the economy is heading for a recession or not is a matter of some debate. Nonetheless, conditions remain challenging for many Americans. While inflation is easing, mortgage rates remain high, with the average 30-year fixed-rate mortgage running in excess of 7%, placing a home loan out of reach for many consumers.

However, today's high interest rates make the prospect of house hacking particularly timely. Homeowners who are having trouble making their monthly mortgage payments due to increased living expenses may be able to turn things around quickly by simply renting out part of their primary residence.

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Jacob Wolinsky

Jacob is the founder and CEO of ValueWalk. What started as a hobby 10 years ago turned into a well-known financial media empire focusing in particular on simplifying the opaque world of the hedge fund world. Before doing ValueWalk full time, Jacob worked as an equity analyst specializing in mid and small-cap stocks. Jacob also worked in business development for hedge funds. He lives with his wife and five children in New Jersey. Full Disclosure: Jacob only invests in broad-based ETFs and mutual funds to avoid any conflict of interest.