How to budget for a new home so you don't end up house poor By Linda Bell NerdWallet Text size Copy shortlink: While buying a home can be a sound investment, it can also become a financial burden. Here's how to think about your housing budget so that doesn't happen to you. Someone who is house poor spends so much of their income on homeownership — such as monthly mortgage payments, property taxes, insurance and maintenance — that there's very little left in the budget for other important expenses. Being house poor can limit your ability to build up retirement or other savings, pay off debt, travel or enjoy life.