House Poor

This expression has had an upswing in recent years, with the problems in the US with sub-prime* mortgages, and the fall of real estate prices across the continent. The only problem is, the expression you're looking for is house rich, cash poor. You're in this situation if so much of your money is tied up paying your mortgage that you can't afford to do much else. In the context that it's used, "house poor" doesn't make any sense if you think about it. So stop saying it if it's not what you mean! I just had to get that off my chest.

*Don't even get me started on that one.