Thursday, December 16, 2021

What does being house-poor mean?


The term "house poor" is used to refer to a person who spends a large portion of their earnings on housing expenses, which makes it hard for them to afford anything else.


If you're thinking of buying a house, calculate all the items currently in your budget, including everyday expenses and existing debts. After accounting for all these expenses, you will be able to determine your affordability range for your monthly mortgage payments.


However, remember that even if you can afford the monthly payment, you still need to leave room for utilities, maintenance, and unexpected costs associated with homeownership.