Wouldn’t it be nice if your home itself could generate the money to cover your mortgage payments? Think of how much faster you could banish that debt — and how much you would save in interest costs.
It’s possible to pull this off by using vacation rental websites. All you need is internet access — although it also helps to live in certain parts of the country.
A recent Homes.com analysis found that in some U.S. cities, you can earn enough extra cash to cover your monthly mortgage payment in a matter of days.
Vacation rental websites
Vacation rental websites enable folks with a spare room, or even an empty house, to generate extra income by hosting travelers. Basically, you list part or all of your home, along with details like prices and dates, and travelers can then book your space instead of a hotel.
Examples of vacation rental websites include:
- Airbnb.com
- Homestay.com
- VRBO.com (short for “Vacation Rental by Owner”)
For both travelers and hosts, the advantages of vacation rentals include the opportunity to get to know folks from different cultures — and, of course, to save or generate a nice chunk of change.
The fastest way to pay off a mortgage?
If you want to use your home to pay off the mortgage, the Homes.com analysis may give you an idea of how often you would have to host visitors to generate enough extra money for your monthly mortgage payment.
Homes.com examined the average nightly Airbnb rate and the median monthly mortgage payment in large metropolitan areas of the U.S. It found that in two Ohio cities, you would have to host travelers for no more than five days per month to make enough money to cover your mortgage payment.
The top three cities are:
- Akron, Ohio: 4.21 days per month
- Cleveland: 4.54 days
- Virginia Beach, Virginia: 5.13 days
In two California cities, on the other hand, you’d have to host travelers for three or four weeks per month to cover your mortgage payment. The worst-ranked cities in the analysis are:
- San Jose, California: 27.29 days per month
- San Francisco: 23.16 days
- Honolulu: 20.9 days
Check out all of the 10 highest- and lowest-ranked cities in the first infographic in the Homes.com analysis.
Have you ever used vacation rental sites, or would you consider being a host to earn extra money? Tell us about it by commenting below or on our Facebook page.
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