So “house hacking” is a corny *** term for saying I have roommates, but I have a mortgage on the house. Basically, ppl buy a house with a walkout basement, claim the downstairs bedroom(s) as potential rental income, qualify for a house wayyy outside their price range based on salary alone because the rental income is factored in, then proceed to not only rent out the basement bedroom, but the upstairs 2-3bedrooms too.
So now their 2k mortgage is being covered by their 3 roommates. From a financial perspective, sure it works, but IMO, it drives up prices significantly in close in suburbs. A loan officer who I was briefly working with suggested it to me because that’s what he does, but I’m like bro you’re 33 living with 3 roommates, I’m not gonna live like that.