It’s no secret that buying a home is one of the biggest financial decisions you’ll ever make. Becoming a homeowner has often been a symbol of the American Dream, but it’s important to realize how a high mortgage can eat into your disposable income.
Millions of Americans are considered ‘house poor’ because a substantial amount of their income and budget are dedicated to housing costs.
How do you know if you are house poor exactly? For starters, your housing costs may be preventing you from meeting other financial goals like saving, traveling, or even spending money on fun and entertainment. While your mortgage can be a sizable expense in your budget, it’s not the only cost you’ll have to cover each month.
Read the full post on: Inspired Budget