Buying a Home in Queens? Here’s How House Hacking Could Be Cheaper Than Renting

If you’re a savvy Queens homebuyer tired of paying high rent and ready to build equity in a property, house hacking might be worth considering. Essentially, house hacking involves purchasing a property with multiple units or bedrooms, living in one unit, and renting out the others to offset your mortgage payments.

If you’re renting in Queens right now and thinking, “Amanda… I’d love to buy, but this just feels impossible,” you are not alone.

Queens rent is expensive. The cost of living is real. And when you’re paying a few thousand dollars a month just to have a place to live, it’s easy to feel like buying a home is completely out of reach.

But here’s the truth I want you to hear:

Just because Queens is expensive doesn’t mean homeownership is off the table. Sometimes, it just means you need a smarter strategy. And one of the smartest strategies I see buyers using to get into the market is something called house hacking.

So… what is house hacking?

House hacking is when you buy a property that has more than one unit (like a two-family or three-family), or a home where you can rent part of it out, and you live in one section while renting the other to help offset your monthly payment.

In real life, it can look like this:

You live upstairs and rent out the downstairs apartment.
You buy a legal two-family and rent the second unit.
You buy a home with a finished basement and create a clean, separate living space.
You buy more home than you “need” right now and let the property help pay for itself.

And I know what you might be thinking…

“Amanda, I’m not trying to be a landlord.”

Totally fair.

But here’s what I want you to consider: renting is already expensive. House hacking is just a way to make homeownership feel less heavy while you still build wealth long-term.

#1: House hacking can give you more buying power in Queens

Queens has a high median home price and it can be tough to qualify for a mortgage on your own. But rental income changes the conversation. Because instead of your mortgage being supported by just your paycheck, now your property can help support the payment too.

For example, if you buy a two-family property and rent out one unit, that monthly rent can help offset your payment and may even help you qualify for more buying power depending on how the loan is structured. That’s the part most buyers don’t realize. House hacking isn’t “extra.” It’s strategic.

#2: House hacking can help you build wealth faster

If you’ve been following my Build Wealth 101 content, you already know this: When you rent, you’re paying someone else’s mortgage and building someone else’s equity. When you own, your monthly payment can actually build something for you. So when you house hack, you’re doing two powerful things at the same time.

You’re living in your own home and building equity. And you’re using rental income to reduce how much that home costs you each month. That’s how people build wealth faster without needing to “make more money first.”

#3: House hacking gives you more options long-term

Here’s what I love about house hacking: it’s flexible. Maybe you start out living in one unit and renting the other. Then a few years later, your life changes and you decide to move. Now you might rent both units. Or maybe you want to keep the property as an investment and buy your next home later.

Or maybe you just want to stay put and enjoy the stability of owning while having extra income coming in each month. House hacking gives you options. And options are wealth.

Let’s do the math (Queens version)

Let’s keep it real. According to recent data, median rent in Queens is about $2,801 per month.
Over five years, that’s roughly $168,000 spent on rent. And if you want me to really break down what your monthly payment is doing when you rent versus when you own, read this next: Rent vs Buy in Real Life: What Your Monthly Payment is Really Doing.

That’s not “bad” — it’s just the reality of renting.

Now imagine this instead: You buy a two-family home, and you rent out one unit for $1,500 per month. Over five years, that rental income could offset your housing costs by $90,000. And at the same time, you’re building equity in a property you actually own. Not to mention the tax savings (talk to your CPA).

That’s why house hacking can feel cheaper than renting for the right buyer, even in an expensive market like Queens.

Is house hacking right for everyone?

Nope — and I’ll always be honest about that. House hacking takes responsibility. You may be managing a tenant, sharing a building, and thinking more like an owner than a renter.

But if you’re the type of buyer who’s willing to be a little uncomfortable in the beginning in exchange for building wealth and stability long-term, it can be one of the smartest ways to start in Queens. And you don’t have to figure it out alone.

Want to see if house hacking makes sense for you?

If you’re curious whether a two-family, three-family, or “rentable layout” could work for your goals and budget, let’s talk. Schedule some time to connect and I’ll help you map out the smartest path forward based on what you actually want your life to look like. [Schedule Your Free Consultation]