Here’s how many people are house poor in every state
“There’s a term for people who spend too much money on their housing — “house poor.” If you fall into this category, it means that you spend a large portion of your income on housing costs, which can make it harder to save money for other living expenses or financial obligations, like paying off debt. Being house poor ultimately means you’ll have less disposable income. You might have to skip recreational expenses, like going on a vacation, or you may not be able to furnish your house. Even worse: You might be unable to repay your loans or credit card debt, or have to stop saving for retirement. Today’s mortgage rates have fallen to record lows, which can be enticing for prospective homebuyers. A house can be a fundamental asset, but if you’re spending beyond your means, you could compromise your future financial stability.”