More people are looking at the possibility of rental income when they are buying a home, according to a new Zillow survey, especially younger buyers.
The survey found that most Millennial (55%) and Gen Z (51%) buyers find it very or extremely important to have the opportunity to rent out part of their home for extra income while living in it, a process known as home hacking. That's compared to 39% of all homebuyers, which is up eight percentage points in the past two years. A majority in those same groups also seem to be thinking about the importance of investing in their home with goal of renting it out in the future.
"Younger homebuyers — mostly Gen Z and Millennials — are especially into the idea of rental income as a key factor in their home buying decisions," said Zillow senior population scientist Manny Garcia. "For those first-time buyers navigating the 'side hustle culture,' where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help with mortgage qualification and smoothing out those monthly payments."
Knoxville holds a lot of opportunity for rental income, especially in the area near the University of Tennessee, where finding affordable housing has become more and more difficult. If you are interested in looking for a possible income property-- we can help you find one! Contact the team at MR10 Realty today!
