These days, affording day-to-day expenses—including a place to live—is putting a strain on renters’ budgets. The numbers back that up: between 2019 and 2023, rent prices increased by over 30% across the country. However, if you are willing to get creative, there are options for living rent-free!Live with your parentsIt might be considered cliche, but choosing to live with your parents or another family member is the most common rent-free living situation. About 45% of young adults between the ages of 19 and 29 live at home. The stigma around living at home has started to decline. Rather than being a sign of failure, living at home can give you the opportunity to launch a successful financial future by using the extra wiggle room in your budget to pay off debt, build an emergency fund, or save up for a down payment. Work-provided housingSome jobs come with housing included, ensuring you have income and a place to live. This includes positions such as cruise ship staff, in-home caretaker, au pair, or property manager. If you’re looking for more adventure with your work and living situation, many seasonal jobs such as summer camps, ranches, adventure guides, and ski resorts come with free or low-cost housing. As a bonus, they are often located in scenic areas!Pet- or house-sittingThis one is for all of the remote workers out there. On websites like Trusted House Sitters, you can connect with people all over the world who are looking for someone to stay in their home and care for their pets or houseplants while they are out of town. It’s a great option for people who have the flexibility to travel while they work and also have a place to crash between gigs.Work exchangesFor anyone taking a break from traditional work, a work exchange can provide housing “in exchange” for your time. Unlike work-provided housing where workers are official employees who are also paid a wage, with work exchanges, a room (and sometimes board) is the compensation. World Wide Opportunities on Organic Farms (WWOOF) is a popular work exchange program for people seeking to do farm work while Workaway offers more varied options.House hackingWhat if you could own your own home without paying a mortgage? It might sound like a pipe dream, but it is possible through house hacking. To house hack, you’ll need to buy a property with more space than you need so you can rent out extra bedrooms or extra units if you buy a multi-family property. In an ideal situation, you’ll be able to charge enough in rent to cover your entire mortgage payment!Ready to take your finances to the next level? To get started, schedule a free 20-minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our Trainers on Demand.
How to Live Rent-Free | Financial Gym
