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February 2, 2021 8:57 AM Natalie Campisi - Forbes Advisor
Posted:
Updated:
February 4, 2021 6:47 AM
One of the main reasons people buy a home is to build wealth. The common line is: “Why pay someone else’s mortgage and contribute to their equity (via rent) when you can spend the same amount of money or less and reap the rewards?”
But, if you’re in a pricey area, that wealth can quickly get eaten up by a mortgage that resembles a tapeworm constantly sucking up funds as your bank account shrinks. This is what’s bluntly referred to as being “house poor.”