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House poor much?

Have you heard of the term "house poor"?  Essentially it means having your mortgage payments take up so much of your monthly income that you don't have much room for much else..  What should you do if this is the case? Should you sell your home and start renting?  Well with rental prices hitting new heights this might not be a better option.  One thing you could do is go into your bosses office and demand a raise, however, this might also leave you in the unemployment line if you come across as too brash.  Should you spend your available money on lottery tickets and cross your fingers?  Hey, you can't win if you don't play, but again probably not the best choice.  Give up evenings at the bar and get a part time job?  Now your getting somewhere but we're guessing this is not something you want to do.  Well, sorry friends, it seems like you are between a rock and a hard place.  Were you expecting us to have some miracle answer to your problems?  One silver lining is if you are diligent after awhile your mortgage payments will go down, especially if you double up on payments whenever you can or contribute bonus cheques to your mortgage.  Your home is your investment even if you bought it for the sole reason because you love the neighborhood and want to live in it.  Sacrificing in the beginning for long term gains can pay out huge!


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Toronto Real Estate Board - IDX Last Updated: 8/20/2018 6:30:15 AM