Unless you are confident that your home will sell within a year, you may be forced to consider other options. Seeing rows of homes for sale on your street isn’t a very promising sight and depending on your financial situation you could be forced to get a little creative until things look up in the market. Here are a few ideas to ride out the housing bust in the credit crisis and economic downturn.

Consider leasing your home to a tenant. Before you toss that idea out, consider that the credit crisis and housing market depression have created a significant need for rental property. Business owners and working professionals have lost their jobs due to downsizing or the disappearance of their market and have either unloaded their own homes or suffered foreclosure. As they find other jobs or go back to school, they will likely be in no shape to buy another home.

If your home meets code standards for government housing programs you would almost be guaranteed that your home would be occupied with a portion of the rent regularly coming from the local housing authority. Single mothers going through school or families who are forced to accept lower wage jobs often turn to assistance programs until brighter days.

Even if you didn’t make a huge profit renting your home, your mortgage would be paid every month with extra money you didn’t have before. And where would that leave you?

Consider teaming up with another family or members of your own family. Do Grandma and Grandpa still own that big old house just outside of town? What about close friends who are in the same boat with space to spare? You could also approach another family or couple who would be willing to rent their home as well and find a less expensive home to share. If you split the household bills, you just saved 50% on your overhead every month while you wait for the market to rebound. You could share babysitting if you both have children, manage chores, and have a chance to get to know people you like even better.

Consider selling your home as a lease purchase. If the idea of renting your home and facing the possibility of irresponsible tenants scares you then consider offering this rent to own option. With banks holding on tight to their money and mortgage lenders in hot water, lenders are betting on a sure thing: credit scores! Many people will find another job but their credit will still be lost. In their frustration and mistrust of lending institutions, people will consider this an option. For you it means that the buyer would assume full responsibility all repairs or updates. There is no real estate agent or the fees and commission that go with them, and no bank. If you’re forced to foreclose, you own the home and you’re out nothing to start over.

One thing seems to be clear in tough times. They money doesn’t disappear, it just changes hands. If people can’t buy, they will rent. If people can’t finance through a lending institution, they’re sure to look for another way. Renting your home or selling through lease purchase could be the solution you and a future tenant have been looking for.