Keeping up with the neighbors could be dangerous....here's why.

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Let's decide if you're “home poor” and explore why it’s not just about having a house with a leaky roof and a creaky floorboard. 🏠💸

What Is House Poor?

“House poor” is like that friend who spends all their money on designer shoes and then lives on instant noodles for the rest of the month. It’s when your housing expenses gobble up a hefty chunk of your income, leaving you with crumbs for everything else. Think mortgage payments, property taxes, maintenance, and utilities—all conspiring to make your wallet cry.

The 20% Myth Debunked

First off, let’s tackle the myth that you need a 20% down payment to buy a home. Nope! That’s so last century. Nowadays, you can waltz into homeownership 0% in some cases.

The 18 Million Saga

According to a recent LendingTree study, over 18 million Americans are house poor. That’s like a small country of folks juggling mortgage payments, utility bills, and dreams of a vacation in Bali. But here’s the twist: the number of house-poor homeowners is actually falling. Progress, people!

The State Showdown

Now, let’s peek at the states strutting their stuff in the house-poor arena:

  1. California: With 2.2 million house-poor residents, they’re practically hosting a housing-budget bake-off.
  2. Hawaii: Aloha to 88,000 house-poor souls—probably sipping piña coladas while calculating their mortgage payments.
  3. New York: A whopping 1.1 million house-poor New Yorkers—because who needs Broadway tickets when you’ve got a mortgage?

And now, drumroll, please! 🥁

On the flip side, we have the responsible states:

  1. West Virginia: Only 73,000 house-poor residents—probably enjoying mountain views without breaking the bank.
  2. Indiana: 314,000 house-poor Hoosiers—rocking cornfields and sensible budgets.
  3. Arkansas: 132,000 house-poor Arkansans—where Southern charm meets financial savvy.

The Moral of the Story

Being house poor isn’t a badge of honor. It’s more like a cautionary tale. So, future homeowners, remember: balance your housing dreams with reality. And if you find yourself drowning in mortgage woes, consider downsizing, selling assets, or moonlighting as a unicorn wrangler (okay, maybe not the last one). 🦄

Now go forth, my financially enlightened friends, and conquer the housing market! 🏡✨

Happy House Hunting!! 😊🏠

Jennifer Delong, Realtor

The Happy House Hunter

NextHome BHB Property Advisors 

519 W. Washington Ave Jonesboro, Ar 72401. 

Office: 870-336-0243

PB: Remington Hendrix-Brown

C2EX Certified, Certified Probate Real Estate Specialist | Military Relocation Professional


Disclaimer: No unicorns were harmed in the making of this blog post.

1: Zillow - 15 Home-Buying Myths 2: CBS News - 18 million Americans are house poor


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You Rock, thank you so much for your comment. Happy Home Hunting - Josie Delong