The Dangers Of Being “house poor". How To Avoid it?

[Yusra3]

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:

1. Not Having Enough Money For Other Expenses

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.

2. Missing Out On Important Life Events

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.

 

[Shigobad2020]

House poor in my own definition is a situation wherby you mortgaged your house 0or you took out a loan to build a house , and when repaying back monthly or weekly , you dont have enough money to take care of your responsibilities and challenges like feeding and transportation problems .
Having a house is the dream of almost every body in the world , because its good to have a house that you can call yours , but when building house , the best way is to use your own money to build the house rather than getting a mortgage which might later affect you in the future .
It might affect you to the point that it will be difficult for you to be able to feed yourself and your family , pay school fee of your children and buy foodstuff whennyou are trying to pay back the money used in building your house .

 

[Augusta]

In as much as it is good to have a home of your own I don't think it will be a good thing to be house poor this is why it is always good to have a balance in life it will help you set your other areas of life right because you be able to cater for every part of your life which is how it should be I don't think it makes more sense and also painful to psy house mortgage and not be able to take part or cater for your other expense.

This most times bring stress and sometimes no peace of mind which is not what anybody wants so before taking out time to make a down payment for your home and try to pay up so that you can take care of the other expenses, you should see how you can make the payment so that it will not affect your other responsibilities.