Sunday, July 16, 2023



Property poor is  more  common  than you think ......a lot of  people  are one  week away from the  shitter shitter ......but they will still play happy families with their  towels in the bathroom (you cannot use )............and their  20 pillows on the bed......... on the surface it looks  great ......but struggling to look like the american dream .....we all know that is what it is mean to be  .....the house ......the car ....the kids .....the bills the home depot fencing and  bbq......the maxed out cards poor ......i have known many ....seen many this  situation .......unless you are from a  silver  spoon .....or your parents  are bauilling you out  to make you look like you are successful ......and i know  these  too ......

Nearly 30% of American homeowners are spending more than they can afford on housing — find out if you're 'house poor' and ways to not to bust your budget

Nearly 30% of American homeowners are spending more than they can afford on housing — find out if you're 'house poor' and ways to not to bust your budget
Nearly 30% of American homeowners are spending more than they can afford on housing — find out if you're 'house poor' and ways to not to bust your budget

Whether it's because of high interest rates or people choosing to live beyond their means, a new report says nearly 30% of homeowners across the country are spending more than they can afford on housing.

About 27.4% of Americans are "house poor" — spending more than 30% of their income on housing costs — according to a Chamber of Commerce report based on Census Bureau data.

Don't miss


It's been a long-standing rule of budgeting that no more than 30% of your income should go toward housing expenses, including mortgage payments, property taxes, home insurance and utilities. But for many Americans, this is not an easy task and can be impacted by the cost of living in your area.

The problem is far worse in some cities than others. For example, in the country's most “house poor” city, Hialeah, Florida, which is just outside of Miami, nearly 60% of homeowners are living beyond their means.

Here are the American cities with the most cost-burdened homeowners — and what to do if your housing costs are busting your monthly budget.

The most 'house poor' cities in the U.S.

Most of the top 30 “house poor” cities are in just two states, Florida and California, according to the report — The Sunshine State is home to six of these cities, while a staggering 14 are in the Golden State.

Florida has long been a go-to destination for sun-seekers and retirees due to its lack of state income tax and perceived low cost of living, but it’s also home to three out of five of the most “house poor” cities in the country.

Here’s the full list of the top five and the percentage of their income that housing costs gobble up:

  • Hialeah, Florida — 59.3%

  • Los Angeles — 48.7%

  • New York — 45.3%

  • Miami — 44.6%

  • Hollywood, Florida — 44.3%

Other Florida cities in the top 30 include Fort Lauderdale, Cape Coral and Port St. Lucie.

Meanwhile in California, the 13 other cities with the most “house poor” residents are: Palmdale, Long Beach, Oxnard, Garden Grove, Oakland, Anaheim, Oceanside, Chula Vista, San Diego, Santa Ana, Santa Rosa, San Bernardino and Huntington Beach.

Read more: Here are 7 amazing 1-week vacations you can do for around $1,000

Overall, 21% of cost-burdened homeowners have a household income of less than $75,000, according to the report. In Hialeah, the median household income is $64,386 and the median yearly housing costs are $19,584.

It’s not just low-income families who find themselves “house poor” — L.A. and New York have median household incomes almost double that of Hialeah, at $122,032 and $120,618, respectively. But the median yearly housing costs are also considerably higher, at $35,664 and $34,176, respectively.

If you’re struggling to manage budget-busting housing expenses, here’s how to free up more of your money for all your other expenses.

Reduce your housing costs

The “30% rule” is a popular standard for budgeting but it’s not right for every homeowner. You may have to spend more or less of your household income depending on the cost of living in your city.

If you’re unsure about how much household income to set aside each month for housing costs, consider working with a financial adviser who can help you map out your budget to avoid becoming “house poor” in the first place.

There are ways to cut down your housing costs. For instance, if mortgage rates start to fall, you could look into refinancing your mortgage to see if you can lock down a better rate.

You may also want to consider shopping around for cheaper home insurance or investing in renewable energy sources for your home to qualify for a residential clean energy tax credit.

You could also boost your income by renting out some space, like a room in your home or even a parking spot.

If you don’t have extra space to rent out but you do have some disposable income, you can always generate cash flow by investing in real estate.

That used to require thousands of dollars to get your foot in the door. But now, there are simple online investment platforms available that don’t require you to have heaps of cash to get started — and the income you generate can help to cover your housing costs.

What to read next

  • Here's how much money the average middle-class American household makes — how do you stack up?

  • Americans are paying nearly 40% more on home insurance compared to 12 years ago — here's how to spend less on peace of mind

  • A 50-year-old Mom on Reddit emptied her daughter's college fund to keep her Malibu dream house — the teen is 'furious.' 4 tips to retire comfortably without raiding your kid's account


No comments:


  Ryan seacrest is one smart cookie.....the pressure to marry.....she like all women .....want to lock down the successful and he is  succes...