Monday, February 15, 2010
Homeowners Renting Out Rooms to Avoid Foreclosure
Economic setbacks are forcing increasing numbers of people to reevaluate where and how they live. In addition to former homeowners becoming renters, those who cannot afford their mortgage payments have decided to rent out rooms in their homes to make ends meet. A recent story in The San Jose Mercury News suggests that we are now becoming a nation of “sharers,” as homeowners continue to take in tenants to pay their mortgages. Some may even take in multiple tenants although many towns have restrictions on "Rooming House" zoning. College towns tend to be more tolerant of such setups. My cousin paid off the mortgage on his modest 3BR Palo Alto Ranch home by taking in as many as eight Stanford students at a time for over 30 years.