The average salary in the United States is not enough for most Americans to afford a home, according to recent studies. This has left many young professionals unable to purchase their first home, let alone move into a bigger or better property. The U.S. Bureau of Labor Statistics reported that the average weekly salary is $1,165, or $60,580 a year, which falls short of the $80,000 annual income needed to afford a median-priced starter home.
As a result, many workers are struggling to make ends meet and are forced to seek alternative sources of income to cover their housing expenses. Some turn to living with parents, sharing accommodation with friends or relatives, asking for financial support, or exploring side hustle ideas and passive income generation.
For those looking to supplement their income and potentially save up for a home, here are three passive income ideas to consider:
1. Rent A Space On Swimply: Swimply is an app that allows homeowners to rent out spaces on their property, such as swimming pools, tennis courts, or basketball courts. By listing your space on Swimply, you can earn extra income to help cover mortgage payments or save up for a larger property.
2. Offer Services Via LinkedIn Services: LinkedIn Services is a feature that allows professionals to offer their services and connect with potential clients. By adding a services section to your LinkedIn profile, you can attract inquiries and get paid for your expertise in areas such as graphic design, consulting, coaching, or writing services.
3. Sell Stock Photos Online: If you have a passion for photography, consider selling your royalty-free photos to stock photo sites such as Alamy, Shutterstock, Getty Images, or iStock.com. Your hobby or skill could turn into a lucrative income stream, providing you with additional funds to put towards your housing goals.
Ultimately, the key to overcoming financial challenges and affording a home lies within your own skills and resources. By exploring passive income opportunities and leveraging your talents, you can take steps towards achieving your homeownership dreams. Don’t feel stuck – there are ways to generate income right from within your home and make progress towards your financial goals.
