Also found in: Idioms.
People who are short on cash because most of their money is tied up in their homes are "house poor."
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Describing an individual with significant income, but with such a large mortgage on his/her house that he/she has little discretionary income. Historically, this term referred to farmers and ranchers, most of whose cash went to debt service on their land, but it has expanded to include anyone who spends so much on his/her mortgage that he/she cannot spend on other goods and services he/she wants or needs. Being house poor is also known as being land poor. See also: Upside down mortgage, McMansion, Foreclosure.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
Also called land poor; a situation in which all of one's wealth is in the home (or land) and there is very little cash or income to pay for anything other than necessities.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.