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April , 2021, How to Budget for a New Home So You Don’t End Up House Poor
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Andy Hill discovered he was house poor soon after he bought his first home in 2004.
Heating the poorly insulated home was also more expensive than Hill thought it would be. To make ends meet, the 22-year-old had to take out a home equity line of credit.
Saving 1% of the property’s value is a good starting point for maintenance expenses per year, says Ibijoke Akinbowale, director of the Housing Counseling Network at the National Community Reinvestment Coalition.
