Christine Short, a homeowner, recognizes that she’s fortunate.

“We only managed to purchase a home due to the pandemic,” she shared. “All the news was about an ‘exodus from New York,’” while she and her husband tirelessly searched Brooklyn for a suitable place to raise their young son.

“There was a desperate developer who wasn’t able to sell a unit” in a refurbished brownstone they were interested in, she explained. With mortgage rates dropping significantly, Short’s husband, who is a physician, obtained a special physician’s mortgage that allowed them to make a down payment of just 10% without additional mortgage insurance costs.

“All of these factors needed to align for us to acquire this one modest place,” said Short, who oversees research at a financial services company.

While situations differ—whether it’s apartments, houses, young kids, or aging parents—the narrative remains consistent across the nation. Americans are “MacGyvering” their way through the most constricted housing market in recent history: inventing solutions, employing smart hacks, and piecing together unconventional strategies similar to what the TV character would do.

How Some Americans Are Making Homeownership Happen

In the suburban areas of Seattle, Ashley and Eric Wong shared with YSL News their strategy of renting out an “accessory dwelling unit,” which is an extra living space connected to their main home. They intended the space for Eric’s father in the future but are currently using the rental income to help with their mortgage payments.

In metro Columbus, Ohio, James Deskins, a broker with The HomeBuyer’s Advocate, highlights the importance of being ready. His clients come prepared with all necessary documents and preapproved mortgages, so they are ready to act when a good opportunity arises.

Recently, some of his clients have enjoyed a bit of good fortune.

One house became available again after falling out of contract. Deskins noted, “We were fortunate to be there at the perfect time.” Now, his client is in the process of purchasing that home.

Deskins’ daughter was also on the lookout for a home and experienced a stroke of luck: she secured a mortgage during a temporary drop in interest rates this past fall and found a fixer-upper, which meant she and her husband could buy a home without stretching their finances too thin.

Mortgage Rates Decrease, Applications Increase

This trend of improvisation is visible in the data from the housing market. After mortgage rates fell to their lowest in 18 months in September, there was a significant spike in mortgage applications as buyers eagerly took advantage of the trend.

This surge translated into a vibrant period for home sales. According to the National Association of Realtors (NAR), sales of existing homes in November grew at the strongest annual rate since 2021.

The noticeable activity in the early fall highlighted that many Americans are closely monitoring the housing market, remarked Selma Hepp, chief economist at CoreLogic. However, as the 30-year fixed-rate mortgage inches back towards 7%, she expressed uncertainty about what the future holds.

NAR also reported in November that first-time buyers made up just 24% of the market in 2024, marking a record low.

Should You Rent or Buy? Why Not Both?

Earlier this year in Atlanta, Rosaline Tio and Dave Hung decided to move across the city. They had owned a townhome since 2017 and had managed it well after the arrival of their first child; however, once their second baby was born, they found themselves short on space.

Finding homes for sale in their price range proved to be a challenge since everything was significantly overpriced, coupled with mortgage rates that were double what they were used to on their townhome. Hence, they opted to rent a larger home and put their townhome on the rental market.

Tio reflected on how the traditional view was to own a home. However, she recognized the need to adapt to changing circumstances.

Christine Short shares a similar experience. Although she and her family were satisfied in the brownstone they purchased in 2020, it became crowded when they welcomed their baby girl two years later.

They began searching for a bigger home but faced a tough reality: there were very few three-bedroom homes available for purchase in brownstone Brooklyn, no matter the budget or if they were willing to trade their current low mortgage rate for a significantly higher one.

Eventually, they found a rental property and put their smaller home up for lease. Although this decision meant higher costs and reliance on a landlord who could raise the rent, the arrangement fit their needs perfectly: they gained more space in a desirable neighborhood with a top-notch elementary school. Additionally, they could continue building equity in the property they were renting out.

“It has been a positive change,” Short said. “We are content.”