What does it mean to be house poor?
It can be tempting to purchase the nicest home that you can afford or get a loan for. The problem is that many people find themselves in situations where most of their income is going towards not only paying the mortgager but also for repairs and other house related expenses. They find themselves forgoing vacations and discretionary spending. Your home is supposed to be your sanctuary and castle, but too many people find it becoming an endless drain on their income, an albatross.
House poor means you are spending too much of your income on homeownership which makes it difficult to achieve other financial or personal goals. People that are house poor will find themselves with little income leftover once they pay their monthly expenses for their housing.
In this situation, you have two options: increase your income or decrease your housing expenses. For some people, they can work more hours or pick up a side gig. For others, it might make sense to downsize to a more affordable house.
Tags:
house poor, what is house poor, rich house poor house, avoid being house poor, how to avoid being house poor, what does house poor mean, rich house poor house best moments, buying house, am i house poor?, what does being house poor, are we house poor?, you're house poor!, buying a house, how to buy a house, buying a house with poor credit, how much house can i afford, house poor stories, poor house, affording a house, rich house, rich house poor house full episodes
-
0:18
TheAnxiousInvestor
1 year agoAre You House Poor?
2 -
7:08
This Will Make You Rich
3 months agoHow to Save for a House REALISTICALLY
1421 -
1:10
SWNS
11 months ago1 out of 5 Americans believe they’ll never be able to afford a home
51 -
8:41
George Kamel
11 months agoThe Only Way To Afford A Home?
48 -
9:56
Illuminhive
1 year agoHow Your Family Is Keeping You Poor
9 -
24:35
MichaelBordenaro
11 months agoHousing CRISIS: Un-Affordablity Will BRING IT DOWN
28 -
31:18
The Financial Mirror
5 months agoBeing House Poor May Be Why You Can’t Get Ahead | The Financial Mirror
10 -
12:36
bikokonstantinos
8 months agoHousing End Game - What Happens When No One Can Afford a Home
1014 -
5:11
Vonvon_Smalljoys
2 years agoFamily Of 10 Living On Welfare Support Demands 6 Bedroom House
46 -
1:04
Real Estate services and more
1 year agoWhat does it mean to buy a house is AS-IS?
4