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The Dangers Of Being “house poor". How To Avoid it?
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[QUOTE="Yusra3, post: 283174, member: 31907"] Are you considering buying a house, but worried about becoming “house poor”? In this post, I will discuss what it means to be house poor, the dangers of being house poor, and how to avoid being house poor. As housing prices continue to rise in many parts of the country, it’s important to be mindful of your finances and make sure you can afford the monthly mortgage payments without putting too much strain on your budget. Being “house poor” means that you are spending a large portion of your income on your mortgage payments and other housing-related expenses, leaving little room for anything else. While owning a home is often seen as the American dream, it’s important to make sure you are financially prepared before making such a big purchase. There are few dangers of being house poor, including: [B]1. Not Having Enough Money For Other Expenses[/B] If you are spending most of your income on your mortgage payment and other housing expenses, you may not have enough money left over for other essentials like food, clothing, transportation, and healthcare. [B]2. Missing Out On Important Life Events [/B] If you are constantly worrying about making your mortgage payment or stressed about affording repairs/updates to your home, you may miss out on important life events like vacations, birthdays, and holidays. [/QUOTE]
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The Dangers Of Being “house poor". How To Avoid it?
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