Should I House Hack Now, or Keep Renting?

[Grant Jones]

Hey everyone,

I’m 23 years old and currently planning to house hack my first property in the St. Charles, MO area with my fiancée. I’m primarily looking for a multi-family property (duplex, ideally), since my fiancée isn’t comfortable with renting out individual rooms in a single-family home.

We’re getting married in May 2026, but I’m hoping to buy before then because Missouri’s First Place Program offers below-market interest rates for first-time buyers who make under $96k household income. I currently earn about $92k, so once we’re married, our combined income will push us over that limit and we’ll lose eligibility.

The First Place non-DPA option offers rates around 5.25%, which is a full percent lower than what I’d likely get on a standard conventional loan after we’re married. The issue is that the St. Charles market is extremely competitive, and I’m struggling to find any duplex that will cash flow even modestly once I factor in long-term expenses like management, maintenance, and vacancy.

Right now, we’re in a great situation: renting a house with a friend and only paying $800/month total for our share. Financially, there’s no urgency to move, but I feel pressure to “lock in” this MHDC rate window before we lose eligibility after the wedding.

My questions for the community:

1. Does it make sense to buy now just to capture the 5.25% rate, even if the first property doesn’t cash flow well?

2. How do you personally weigh below-market financing vs. waiting for a truly cash-flowing deal?

3. In a market like St. Charles (where duplexes are rare and competitive), would you consider breaking even or slightly negative cash flow acceptable for your first house hack—if it’s a strong long-term location?

4. Has anyone here used Missouri’s MHDC First Place Program and later refinanced or moved out? I’d love to hear how that transition went in real life.

Any advice from experienced Missouri or Midwest investors would be hugely appreciated—especially those who started with house hacking and used first-time buyer programs