How to avoid becoming house poor

maxresdefaultYou’re looking at your dream home, you’re ready to make a down payment, only there’s one little problem — you can’t really afford it.

This is a mistake that financial expert Chris Hogan has seen people make time and again.

“I’ve talked to a lot of people that have bought too much home and now they are what’s called ‘house poor,’ which means too much of their income is going out to the payment,” he said Tuesday during an interview on FOX Business’ “Mornings with Maria.”

Even so, the rate of foreclosures in the U.S. has steadily declined and is actually at the lowest level in 12 years, according to the latest data from CoreLogicOpens a New Window..

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