Navigating House Poverty: Lessons from a Dad's Financial Struggle

Not medical advice. For emergencies, call your local emergency number.

This post delves into the relatable struggle of ‘house poverty,’ where a significant portion of income is consumed by mortgage payments, despite a seemingly good income. The author, who earns over $100k, describes how lifestyle creep, a reduction in household income due to his wife leaving her teaching job for mental health reasons, and increased family expenses (particularly food) led them into this situation. They used to be YOLO spenders, but now the roles have reversed, and they’ve depleted savings and accumulated credit card debt. Despite the emotional attachment to their current home and community, they are considering selling to move to a new build with a cheaper mortgage, which would allow them to pay off debt and rebuild savings. The core dilemma highlights the conflict between financial stability and the emotional value of their current home and social connections for their children. This situation offers valuable lessons for other families on budgeting, managing lifestyle creep, the impact of single-income transitions, and the difficult decisions that arise when prioritizing financial health versus emotional comfort.

Related Guides