Is $15,000 a week too much to pay to rent a house? Not in my town, according to Craigslist.

I live in St. Paul, Minn., where the Republican National Convention will be held next summer. There's already talk of people securing contracts for the use of their homes during that hectic week. It's rumored on my block that one family will rent its huge Victorian-style mansion for $30,000 for fund-raising parties while the family hightails it out of town. The Craigslist entry for half that price includes beverages and limousine service, so it pays to shop around.

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Having once lived in a boarding house and having more than once opened my doors to paying roommates (I met my husband when he came to rent a room), I've always been interested in the concept of using one's home to make money. These days, with so much turmoil in the housing market, I can't help but ask those in foreclosure: Would it have helped to have someone move in with you?

I understand that isn't always feasible, but I think it might be possible in more cases than people imagine. Last month, while shopping for used furniture at garage sales, I met a woman who lives in a small, single-family home. One might think she would be limited in her options for sharing space, but no. She has converted her basement and attic into nice living spaces for herself, allowing her to rent the entire first floor to another family as a two-bedroom apartment.

I'm not clear on the legality of the situation, as I'm no housing inspector. But I am impressed with her ingenuity and the determination to forgo personal comfort, if need be, to make ends meet.

Shared housing arrangements are relatively common in Europe, as are short-term rentals to tourists. When I visited a friend in Berlin six years ago, an acquaintance vacated his apartment for me and went to live with his girlfriend for the week. I paid about $200, which fit my budget and was a small fortune to him, as the dollar was strong against the euro at the time.

A few months ago, my husband and I decided to share our home with students from other countries who are studying English. These young adults are independent but want to experience American family life. The school that places the students handles the financial arrangements and sends us a check for each month a student stays.

It's not a fortune, but it isn't hard work, either. And it's a better use of the spare room than storing plastic tubs full of holiday decorations. At the end of a year, we will have met several new people and, after accounting for expenses, will have earned the equivalent of two or more months of mortgage payments.

Home-based foster care for adults offers another option for income. A few years ago, a friend told me of a neighbor who had cared for four older adults in his home for several years. When the time neared for his own retirement, he told them of his plans to purchase cabin property on a lake. The tenants had grown quite fond of one another, however, and did not want to be separated. The man ended up building a home to suit his tenants as well. When it was time to move, they all went together.

If you have a heart for kids, foster care for children is another option. This requires interviews and home visits to gain licensure, but, if you go forward, you will enjoy a steady source of income while providing shelter for someone in need.

Is sharing your home the right move for you? To find out, consider some of the following points in your decision-making:

• Are there rules in your community that would restrict you?

• Do you have adequate homeowners' insurance to cover accidents?

• Do you have (or can you create) at least one spare bedroom?

• Are you and your family open to new people and ideas?

In most cases, the income from this kind of arrangement won't replace the income from a job. But it can provide a nice supplement and a way to make your largest asset work for you. Talk with a tax accountant to be sure you're covering your bases, then get ready for a great adventure!

- Amy Lindgren owns Prototype Career Service, a career consulting firm in St. Paul, Minn. She can be reached at alindgren@prototypecaree rservice.com or at 1071 W. Seventh St., St. Paul, MN 55102.