How long were you 'house poor' for after buying a house?

amother

Thu, Dec 08 2022, 4:12 pm

Can't seem to get our savings back up and we're living month to month. Curious if anyone else used to be a bit less frugal and now their also tight after buying a home. I bought my house ever 2 years ago!

amother

Plum

Thu, Dec 08 2022, 4:15 pm

Is your mortgage larger than your rent?
Are you paying back a lot of debt to private people?

amother

Thu, Dec 08 2022, 4:22 pm

It's around 2k more than rent but husbands income more than doubled since then bH. No we don't owe anyone money bh

amother

Pear

Thu, Dec 08 2022, 4:32 pm

I think it’s inflation that is affecting us more. Prices of everything went up. it’s really hard to save in this economy.

amother

Petunia

Thu, Dec 08 2022, 4:38 pm

amother OP wrote:

I bought a House and we were doing ok month to month since the price hikes I’m seriously house poor now. I’m very watchful with prices I buy a lot sale. But I believe right now it’s due to pricing going through the roof

lamplighter

Thu, Dec 08 2022, 4:46 pm

You used your savings and now inflation is rampant and you can't save as much/at all.
Makes a lot of sense.

Amarante

Thu, Dec 08 2022, 4:51 pm

amother OP wrote:

It's around 2k more than rent but husbands income more than doubled since then bH. No we don't owe anyone money bh

Other housing costs might have gone up as well - have you calculated taxes? increased cost of insurance premiums? home maintenance? appliances?

Items that people buy when they own a home they might not when renting - window coverings are expensive; furniture because you have more room.

amother

Apple

Thu, Dec 08 2022, 4:51 pm

I’m in the same boat
It’s tough…
Hard to see savings account with barely anything in it because it was all spent on house and renovations
I get anxious knowing I don’t have that safety net…

amother

Mocha

Thu, Dec 08 2022, 6:09 pm

amother OP wrote:

It's around 2k more than rent but husbands income more than doubled since then bH. No we don't owe anyone money bh

Which means your income taxes went up, and u may have been thrown off programs (assuming you were on any). And because of the changes to the income tax a few years ago, u probably dont itemize your taxes so you dont get any more tax breaks (speculating).

amother

Pearl

Thu, Dec 08 2022, 6:22 pm

amother Mocha wrote:

Wow a lot of speculation. You're making it sound like income doubling is a bad thing lol.

amother

Dahlia

Thu, Dec 08 2022, 6:25 pm

amother Pearl wrote:

Wow a lot of speculation. You're making it sound like income doubling is a bad thing lol.

It almost is. I feel like Uncle Sam is punishing us for making more money and giving more jobs to people. We made $100k more this year and will pay $50k more in taxes

amother

Maize

Thu, Dec 08 2022, 6:26 pm

2 years is not long. It took us 2 years to pay back debt from an unexpected major renovation.

amother

Thu, Dec 08 2022, 6:40 pm

amother Mocha wrote:

We weren't on any programs. But yes inflation is hitting hard

amother

Crocus

Thu, Dec 08 2022, 7:13 pm

Same here. My house value went up but seriously not making it month to month, when 5 yr ago we were saving and saving for the house

amother

Raspberry

Mon, Dec 12 2022, 12:59 pm

We're in the same boat. Mostly payed off the money we borrowed, and now we cant save a $!

amother

DarkGray

Mon, Dec 12 2022, 1:43 pm

Same, haven’t been able to save in a while now. Inflation definitely plays a role, my grocery bills more than doubled.

amother

Clover

Mon, Dec 12 2022, 2:36 pm

amother Pearl wrote:

Wow a lot of speculation. You're making it sound like income doubling is a bad thing lol.

Your income doubling is not a bad thing, but your take home pay will usually not double of you were earning in the 150k range and are now in the 300k range.

Also, if someone's mortgage is 2k higher than rent that is often much more than double what the were paying for housing before once you include other housing costs.