Andy Hill discovered he was house poor soon after he bought his first home in 2004. When Hill put 10% down on the 1,200-square-foot house in Royal Oak, Michigan, a suburb outside of Detroit, he was surprised to find out he had to pay private mortgage insurance, which initially was $158 a month. Heating the…
The article How to Budget for a New Home So You Don’t End Up House Poor originally appeared on NerdWallet.
