Do This a Few Days Each Month and Watch Your Mortgage Disappear

Do This a Few Days Each Month and Watch Your Mortgage Disappear
Photo by FS11 / Shutterstock.com

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:

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.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Popular Articles

These 13 States Tax Social Security Income
These 13 States Tax Social Security Income

Uncle Sam is not the only one looking for a piece of your retirement income. Is your state on this list?

9 Things Anyone Can Get for Free on Amazon
9 Things Anyone Can Get for Free on Amazon

These freebies are available to anyone with an internet connection.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments