House Hacking is an innovative and cost-effective way to become a homeowner and save money on living expenses. House hacking is where you purchase a single or multi-family property and then live in the property while renting out a room or unit to help cover your mortgage expenses.

The key advantage to house hacking is that your tenants effectively help cover your mortgage payment which can reduce or even eliminate your housing expense. Since housing is the biggest monthly expense for most people, house hacking can help you to dial up your savings rate and reach financial independence sooner.