House hacking continues to grow in popularity across Chicagoland because it gives buyers a way to reduce monthly housing expenses, offset rising costs, and build long-term wealth through real estate. It can make homeownership more attainable and create a clear path into investing.

What Is House Hacking?

House hacking is the practice of buying a property and renting out part of it to help cover your mortgage, taxes, and other housing expenses. Many buyers start with a multi-unit home, live in one unit, and rent the others. This setup keeps monthly costs manageable and creates equity from day one.

Why House Hack?

Added income

Rental income can significantly offset a monthly mortgage. Some buyers even cover most of their housing costs, which makes homeownership more affordable than renting.

Real estate appreciation

As the property value grows, owners build equity and increase net worth. This is especially valuable in Chicago, where multi-unit homes continue to appreciate in strong rental neighborhoods.

Potential to afford more

Knowing that part of the property will generate income can expand your purchase options. Buyers often move from a standard condo budget into a larger multi-unit home with outdoor space, parking, and long-term upside.

Tax benefits

Owners may be able to deduct certain property expenses. These can include mortgage interest, repairs, maintenance, and property taxes. Buyers should always confirm details with a tax professional.

A Great Example: 1838 N Rockwell

We currently represent 1838 N Rockwell, an ideal option for buyers who want a house hacking opportunity in a strong rental area. The property includes two row homes in the main building, each with four bedrooms and two bathrooms, along with a separate one-bedroom and one bathroom ADU coach house above the garage.

This configuration allows an owner to live in one home and rent the others for meaningful monthly income. Since the property is new construction with high-end finishes, it offers a low-maintenance, income-producing investment with strong appeal for future tenants.

You can see photos and details here:
https://www.compass.com/homedetails/1838-N-Rockwell-St-Chicago-IL-60647/1W811Q_pid/

If you would like projected rental numbers or a house hack scenario tailored to your budget, reach out, and we can walk through it together.

How to Get Started with House Hacking

Understand your finances

Review your down payment, monthly affordability, and realistic rental income. A lender can help you compare loan programs that work well for multi-unit purchases.

Choose the right property

Location, layout, and unit mix matter. Many Chicago buyers start with two-flats or three-flats because they offer privacy for both the owner and tenants. Our team evaluates condition, income potential, and long-term value so buyers can make decisions with confidence.

Explore financing options

Some loan programs allow buyers to use projected rental income to qualify. Others offer financing for improvements. A trusted lender can outline which options work best for multi-unit purchases. We can recommend a few!

Understand landlord responsibilities

Owners should be familiar with local rental guidelines, lease requirements, and maintenance expectations. We help clients understand the basics so they feel prepared from day one.

Thinking About House Hacking?

House hacking remains one of the most effective ways to reduce housing costs, build equity, and enter the real estate investing world with lower risk. If you are exploring a multi-unit purchase or wondering whether it could work for you, our team is here to help you evaluate properties, run numbers, and plan next steps.

Reach out anytime. We love helping clients think creatively and find opportunities that support their long-term goals.

How House Hacking Helps Chicago Buyers Build Wealth and Reduce Monthly Costs