{"id":12727,"date":"2018-01-04T16:33:13","date_gmt":"2018-01-04T16:33:13","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=12727"},"modified":"2018-01-04T16:33:19","modified_gmt":"2018-01-04T16:33:19","slug":"qualifies-house-poor","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/qualifies-house-poor\/","title":{"rendered":"What Qualifies as \u2018House Poor\u2019?"},"content":{"rendered":"

What Qualifies as \u2018House Poor\u2019?<\/h1>\n
\"What<\/a>

What Qualifies as \u2018House Poor\u2019?<\/p><\/div>\n

The phrase \u201chouse poor\u201d describes buyers who\u2019ve bought a home they can\u2019t afford. Most financial advisers say those who spend 30 percent or more of their pretax income on housing costs qualify for such a label. Under that standard, nearly 40 million U.S. households are considered \u201chouse poor,\u201d according to the State of the Nation\u2019s Housing 2017 Report from the Joint Center for Housing Studies of Harvard University.<\/p>\n

Banks use different criteria to determine how much money they’ll lend. Debt-to-income ratios are often used to help lenders compare how much money a person makes with how much he or she owes. Then, lenders figure in a mortgage amount to that equation. Banks typically don\u2019t want borrowers to have a DTI ratio above 36 percent.<\/p>\n

However, Debra Neiman\u2014a financial planner at Neiman & Associates Financial Services in Arlington, Mass.\u2014suggests keeping the DTI under 30 percent and cautions buyers to carefully assess what they can truly afford in a mortgage. \u201cIf you buy at the top of your price range, you could be putting yourself at risk of becoming house poor,\u201d she says.<\/p>\n

Financial experts also say it\u2019s important for home shoppers to figure in other costs of homeownership, too. Besides the mortgage payment, property taxes, and homeowners insurance, buyers also need to figure in general maintenance costs, repairs, utilities, renovations, and even household goods. Make sure you detail for your clients the typical closing costs for your area, especially for first-time buyers.<\/p>\n

Source: \u201cWhat Is \u2018House Poor\u2019? What It Means, and Whether You\u2019re at Risk<\/a>,\u201d realtor.com\u00ae (Jan. 1, 2018)\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

What Qualifies as \u2018House Poor\u2019? The phrase \u201chouse poor\u201d describes buyers who\u2019ve bought a home they can\u2019t afford. Most financial advisers say those who spend 30 percent or more of their pretax income on housing costs qualify for such a label. Under that standard, nearly 40 million U.S. households are considered \u201chouse poor,\u201d according to … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[5,32,4,9],"class_list":["post-12727","post","type-post","status-publish","format-standard","hentry","category-news","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nWhat Qualifies as \u2018House Poor\u2019? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/qualifies-house-poor\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"What Qualifies as \u2018House Poor\u2019?\",\"datePublished\":\"2018-01-04T16:33:13+00:00\",\"dateModified\":\"2018-01-04T16:33:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/\"},\"wordCount\":284,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/01\\\/01042015.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/qualifies-house-poor\\\/\",\"name\":\"What Qualifies as \u2018House Poor\u2019? 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