What does it mean to be house poor?

It can be tempting to purchase the nicest home that you can afford or get a loan for. The problem is that many people find themselves in situations where most of their income is going towards not only paying the mortgager but also for repairs and other house related expenses. They find themselves forgoing vacations and discretionary spending. Your home is supposed to be your sanctuary and castle, but too many people find it becoming an endless drain on their income, an albatross.
House poor means you are spending too much of your income on homeownership which makes it difficult to achieve other financial or personal goals. People that are house poor will find themselves with little income leftover once they pay their monthly expenses for their housing.
In this situation, you have two options: increase your income or decrease your housing expenses. For some people, they can work more hours or pick up a side gig. For others, it might make sense to downsize to a more affordable house.
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