Buying a home can build wealth over time, but stretching too far to get one can make everyday life miserable. Homeowners who have been house poor say the mortgage itself was often only part of the problem. Repairs, taxes, insurance and plain bad luck turned an already tight budget into a constant source of stress.
That came through clearly in a recent Reddit discussion. One prospective buyer said purchasing would leave them with about $100 a month after the mortgage and other living expenses. They had savings and were considering renting out a bedroom, but wanted to know how people who had made a similar choice felt about it years later.
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