Posted by David FG on October 07, 2006
In Reply to: Re: "house rich, cash poor" posted by R. Berg on October 07, 2006
: : I understand the phrase, "house rich, cash poor" refers to the situation where your housing costs take up most of your income, leaving you with an expensive house (house rich)and little money for anything else (cash poor). I keep hearing the phrase turned into "house poor" and it drives me crazy. Am I wrong?
: "House poor" is often used with that meaning. In fact, I hadn't heard the longer version. ~rb
I am familiar with 'land rich, cash poor' but I understand it slightly differently.
It means being in possession of land (this also works for houses) which, on paper, is very valuable, but having no actual cash to speak of.
It applies particularly to those who have inherited land (houses) without having the income to maintain it (them).
I am not aware of its use in the circumstances mentioned - of using most of one's income to buy a house: I would consider that to be the natural state for many people.