House hacking, in my opinion, is always a good idea! Go for it! You don't have to have 100% of your expenses covered for it to be a good deal. Our current house hack is taking care of 2/3 of our mortgage. We live in Chicago, also an expensive city like Miami. 2/3 of our mortgage being paid helps us a lot. Saving $900 from what we were paying in rent. Plus we bought a flip so all of the work has been done.
It's a great idea! Especially at college age. Am certainly buying those for my kids when they hit college :) Great investment ($ & learning = real life).