House hacking in more expensive markets.
Have any of you made house hacking work in expensive markets or know anyone who has? I guess it’s near impossible to pull off in a place like Manhattan but what about some of the surrounding areas?
I am not doing this personally, but you could probably do in some parts of Brooklyn/Bronx/Queens and certain parts of the three rail connected suburb. Their are multi-unit townhome/row homes which sometimes have a small one-bed or efficiency along with 1 or 2 larger units. If you are willing to live the one-bed/efficiency (i.e. the smallest, likely shittiest part), then you could probably accomplish the "house hacking" goal of low/free cost of housing. Whether you like the neighborhoods where this is cost feasible, that's another question.
There are nicer duplex/two-units in all parts of NYC (incld some in Manhattan) that can be used same way in theory, but don't expect the rent of one unit to cover the full cost of ownership including property taxes. Maybe some covid deals will make this doable.
I'd guess this can be done in other higher COL cities, the key is finding those "lower cost" parts of town (hint, they are generally not the most desirable or trendy parts of town to live).
I had the same thoughts, will probably save some money but still have to come out of pocket on other costs. Still, as long as I can find a good deal and it’s in a part of town where people aren’t selling meth outside my place, I don’t think it’ would be such a bad idea.
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