Nearly 50% of Homeowners Okay Renting Out Their Home
As platforms like Airbnb and Homeaway have risen to prominence over the past decade, they've created a ripple effect in the way young homeowners regard their property. In particular, many homeowners have become willing to rent out part or all of their home to generate additional income.
Survey Says: Homeowners Willing to Rent
According to a brand-new study published by Realtor.com, an increasing number of younger homeowners are open to the idea of renting out some or all of their residence as a way of generating extra cash flow and/or helping to pay down their ballooning mortgage debt.
In total, the survey suggests that 32 percent of homeowners are experimenting with a variety of approaches to earning additional income via their property. This includes renting out a spare room full-time, renting their house when they're away on vacation, and finding a roommate.
An impressive 85 percent of homeowners say they'd consider building onto their home in order to create rentable square footage. According to the survey, the top reasons for renting out part or all of their home include:
In addition to renting out square footage, the survey found that some people are using creative tactics like renting out a pool (6 percent) and/or renting a garage or parking space (7 percent).
Shifting Attitudes Toward Homeownership
The fact that nearly half of homeowners are okay with renting their home indicates a much larger shift in attitudes toward home ownership. If you zoom out and look at the bigger picture, you'll see that times are changing.
Here are several big trends that millennials are leading:
Homeownership is still desirable, but it's not nearly as sacred as previous generations have treated it. Today's young adults view housing as just part of their lifestyle.
Given that, they're more flexible when it comes to aspects of ownership that Baby Boomers regarded as critical.
Adding it All Up
Every generation has its own tastes, beliefs, and priorities. With regard to home ownership, it's clear that millennials and younger adults are more interested in independence, flexibility, and a relatively stress-free experience.
It remains to be seen what sort of impact this will have on long-term housing trends.