Some people are not cut out to be homeowners. I call them NOHOs. What distinguishes them is not their income, their mobility, or where they live – rather, it is how they live.
While homeowners live with at least one foot in the future, and have learned how to delay some gratifications for future rewards, NOHOs live from day to day, or week to week, or month to month, depending on how often they are paid. Typically, they have nothing left at the end of the pay period, and if they run out early, they have to scrimp or borrow, usually at high interest rates.
When they purchase durables, such as a TV set, NOHOs price the purchase in terms of the monthly payment, which they attempt to fit into their weekly or monthly budget. They are easily seduced by offers of delayed payments, ignoring the high prices that accompany such offers. They never get ahead of the game, and if they run into an emergency that costs money, they are in trouble. Because homeownership is rife with such emergencies, NOHOs should not be homeowners
