Have you ever heard the phrase that someone is “House Poor?” It doesn’t take a ton of thinking power to iron out the meaning of the term house poor. People who have a house, but it breaks their bank account and lifestyle to afford the said house.
Chat with most traditional financial planners and they will recommend never typing up more than 30% of your gross salary with a house payment.
Don’t just live on a budget for just the six months prior to buying your home, always operate on a budget.
If making the payments on your home is already breaking the bank each month, paying off your mortgage might sound a bit contradictory.
If paying extra isn’t in your deck of cards and just making the minimum payment is hard enough, it might be time to reconsider relocating.
Relocating is out of the picture. Paying extra won't work and you already followed the 36% DTI gross rule when you bought your home, to stop being house poor it might be time to sell your home.