Building passive income from ASX stocks does not always mean owning banks and miners.
There are plenty of other companies out there that can provide attractive dividends while giving investors exposure to different parts of the economy.
With that in mind, here are three ASX passive income stocks that could be worth considering if you have $50,000 to invest.
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Accent Group Ltd (ASX: AX1)
Accent Group could be an interesting option for investors looking for a combination of income and growth.
It is one of Australia's largest footwear and apparel retailers, with stores including The Athlete's Foot, HypeDC, Platypus, Stylerunner, and Skechers.
Retail can be cyclical, but Accent has built a strong position by focusing on categories where consumers are often prepared to spend for brands they know and like.
It also has a large store network, growing online operations, and exposure to some of the world's biggest footwear brands.
If consumer spending improves in the near term and Accent's earnings rebound, there could be scope for dividends to increase meaningfully.
HomeCo Daily Needs REIT (ASX: HDN)
Another ASX passive income stock to look at is the HomeCo Daily Needs REIT. It could suit investors looking for a more defensive source of income.
HomeCo Daily Needs is a property company that owns neighbourhood retail, large-format retail, healthcare, and other assets linked to everyday spending.
Its tenants include supermarkets, pharmacies, childcare operators, healthcare providers, and other businesses that people continue using through different economic conditions. This can provide relatively dependable rental income.
I also like that the portfolio is focused on practical properties rather than relying heavily on offices or discretionary shopping centres.
Overall, this could make HomeCo Daily Needs REIT a solid option for investors wanting regular income from property.
Transurban Group (ASX: TCL)
Transurban is another ASX stock that could be well suited to passive income.
It owns and operates toll roads across Australia and North America, including important roads in Sydney, Melbourne, and Brisbane.
These are difficult assets to replicate. As cities grow and congestion increases, motorists can place significant value on roads that help them get around more quickly.
Transurban also benefits from toll increases built into many of its road concessions, which can help revenue grow over time and supports an attractive income profile for investors.
Another positive is the company has a long pipeline of infrastructure projects, which could allow cash flows and dividends to increase over the years.
For investors seeking passive income backed by large-scale infrastructure assets, Transurban could be worth a look.
