1071: How To Avoid Being House Poor by Michelle Schroeder-Gardner of Making Sense of Cents on Home Mortgages & Expenses

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🗓️ 14 February 2020

⏱️ 8 minutes

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Summary

Michelle Schroeder-Gardner of Making Sense of Cents shares how to avoid being house poor. Episode 1071: How To Avoid Being House Poor by Michelle Schroeder-Gardner of Making Sense of Cents on Home Mortgages & Expenses Michelle Schroeder-Gardner created Making Sense of Cents in order to help improve her own finances. With diligence, she was able to pay off $38,000 in student debt in 7 months, kept track of progress, and helped readers along the way. She's currently touring North America and living out of an RV. You can learn more about her and see her monthly income reports at MakingSenseOfCents.com. The original post is located here: https://www.makingsenseofcents.com/2015/09/how-much-home-can-i-afford.html Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal Finance Daily, episode 1071,
0:04.0	How to Avoid Being House Poor, by Michelle Schroeder Gardner of Making Sense of Sense
0:08.6	of Sense.com.
0:10.1	And I'm your host and narrator of the show.
0:12.2	My name is Dan, and a happy Valentine's Day today if you are celebrating.
0:16.5	This is of course where I read to you from some of the best personal finance blogs on the planet,
0:21.0	and today's post is from Michelle Schroeder Gardner and I'm going to keep this
0:24.5	intro nice and short for you so let's get right to that post as we start optimizing your life. Life.
0:33.0	How to Avoid Being Poor
0:37.0	by Michelle Schroeder-Gardner of Making Sense of Sense of Sense.
0:40.0	com
0:41.0	Earlier this year I published the post is being house poor limiting you.
0:46.0	While no one ever thinks they will fall into being house poor it does happen to some.
0:51.0	Due to this when asking yourself the, how much home can I afford, it's best to think about
0:56.2	all of the expenses that go into home ownership. There are many hidden costs that go into
1:00.9	home ownership that many don't think about when buying a home.
1:04.0	While some homes may seem affordable,
1:06.0	there are many factors and expenses to think about.
1:09.0	According to recent data from Zillow,
1:11.0	U.S. homeowners on average spend more than $9,000 per year in hidden
1:15.8	home ownership costs and maintenance expenses. U.S. homeowners pay an average of $6,042
1:22.0	year in unavoidable hidden costs, homeowners insurance, property taxes, and utilities.
	...

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