For a long time, conventional wisdom seemed to be that you grow up and buy a home because that’s just what you do. But lately, people are realizing that it isn’t always the smartest financial move. Obviously, the housing crisis has a lot to do with that—it’s made people question the standard assumption that homeownership equals financial stability.
Homeownership isn’t a good or bad idea on its own. It has everything to do with your own situation. Sometimes, buying a home is the smart thing to do; other times, it really isn’t. Whether or not it’s smart for you will depend on a few different factors. Here’s what you should keep in mind.
The biggest argument for owning a home is that it’s an “investment.” But a lot of people tend to overestimate the return on this investment.
People tend to believe that homes are appreciating assets, but this isn’t always true. Overall, the housing market doesn’t have a great long-term return. It barely outpaces inflation, in fact.
| 1z Realty, 630 Park Forest Ct, Apopka Fl 32703 |
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| A M Appraisal Service, 2217 Park Village Pl, Apopka Fl 32712 |
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| Amerihome Real Estate, 1041 Seburn Rd, Apopka Fl 32703 |
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| Arrowsmith Realty, 214 S Lake Ave, Apopka Fl 32703 |
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| Assist 2 Sell, 2755 Border Lake Rd Ste 103, Apopka Fl 32703 |
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| Belben Realty Group, 3458 Mallaig Ct, Apopka Fl 32712 |
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| Casalta Realty Group, 2462 Cimmaron Ash Way, Apopka Fl 32703 |
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| Cf Capital, 500 Jordan Stuart Cir, Apopka Fl 32703 |
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| Cfl Realty, Po Box 580, Apopka Fl 32704 |
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| Commonwealth Lending & Realty Corp, 2204 Pinyon Rd, Apopka Fl 32703 |
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| Cottage Realty, 522 S Hunt Club Blvd # 252, Apopka Fl 32703 |
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| Easter Realty & Investments, 1809 Precious Cir, Apopka Fl 32712 |
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| Easypro Realty, 911 N Thompson Rd, Apopka Fl 32712 |
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| Elite Investors Realty, 1829 Madison Ivy Cir, Apopka Fl 32712 |
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| Grand Homes Florida Realty & Management, 1304 Holly Glen Run, Apopka Fl 32703 |
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| Greater Orlando Realty Usa, 1617 Majestic Oak Dr, Apopka Fl 32712 |
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| Henderson Realty & Associates, 1701 Candlenut Cir, Apopka Fl 32712 |
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| Home Sales R Us, 918 Oasis Ct, Apopka Fl 32712 |
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| Jmd Realty Services, 1140 E Semoran Blvd, Apopka Fl 32703 |
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| Juliana M Steele Real Estate Solutions, 1713 Queen Palm Dr, Apopka Fl 32712 |
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| Kenza Realty, 5226 Round Lake Rd, Apopka Fl 32712 |
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| Legacy Real Estate Investments & Funding, 6137 Round Lake Rd, Apopka Fl 32712 |
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| Lou Haubner Realty, 140 E 1st St, Apopka Fl 32703 |
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| Magno Realty Corp, 2332 Pond Cove Way, Apopka Fl 32712 |
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| Mark Management, 2755 Border Lake Rd Ste 101, Apopka Fl 32703 |
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| Mcgraw Real Estate Services Pl, Po Box 757, Apopka Fl 32704 |
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| Menos Realty, 2724 Plymouth Sorrento Rd, Apopka Fl 32712 |
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| Mighty & Associates, 54 E Main St Ste B, Apopka Fl 32703 |
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| Mighty Realty, 54 E Main St, Apopka Fl 32703 |
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| Minehart Real Estate, 542 Lancer Oak Dr, Apopka Fl 32712 |
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| Moe Doyle Realty, 1258 Stoneywood Way, Apopka Fl 32712 |
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| Moore Management Co, 6225 Linneal Beach Dr, Apopka Fl 32703 |
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| Mueller & Partners, 700 E Welch Rd, Apopka Fl 32712 |
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| National Condominium Management, 500 Jordan Stuart Cir, Apopka Fl 32703 |
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| Nesta Real Estate Consultants, 515 N Park Ave Ste 201, Apopka Fl 32712 |
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| New Realty, 4353 Sea Rock Ct, Apopka Fl 32712 |
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| Overland Commercial, 1000 Colour Pl, Apopka Fl 32703 |
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| Plan B Holdings, 509 Majestic Oak Dr, Apopka Fl 32712 |
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| Prestige Realty Consultants, 175 E Main St Ste 140, Apopka Fl 32703 |
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| Primac Group, 218 S Lake Cortez Dr, Apopka Fl 32703 |
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| Primac Realty, 218 S Lake Cortez Dr, Apopka Fl 32703 |
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| Q R Realty, 2010 Sweetwater Cc Dr, Apopka Fl 32712 |
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| Resource Realty Services, 1841 Sweetwater West Cir, Apopka Fl 32712 |
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| Rm Vacation Timeshare Resales, 4537 Plymouth Sorrento Rd, Apopka Fl 32712 |
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| Rock Springs Realty, 3780 Rochelle Ln, Apopka Fl 32712 |
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| Rogers & Rogers & Associates, 1676 E Semoran Blvd Ste 8, Apopka Fl 32703 |
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| Rogers & Rogers Realty, 1676 E Semoran Blvd Ste 8, Apopka Fl 32703 |
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| Roi Homes, 522 S Hunt Club Blvd Ste 166, Apopka Fl 32703 |
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| Royal Trust Realty, 1580 Stefan Cole Ln, Apopka Fl 32703 |
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| Signature Florida Homes And Estates, 1160 Errol Pkwy, Apopka Fl 32712 |
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| Singleton Realty, 1641 Lake Marion Dr, Apopka Fl 32712 |
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| South Realty, 1327 Lavanham Ct, Apopka Fl 32712 |
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| Spurlock Group Real Estate Solutions, 58 E Main St Ste 6, Apopka Fl 32703 |
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| Sterling Properties International, 848 Crepe Myrtle Cir, Apopka Fl 32712 |
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| Suncoast Realty, 1272 Wyndham Pine Dr, Apopka Fl 32712 |
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| Teamfreda, 1631 Rock Springs Rd # 111, Apopka Fl 32712 |
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| Three Oaks Realty & Development, 3922 Caledonia Ave, Apopka Fl 32712 |
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| Urban Realty Group, 5711 Bear Lake Cir, Apopka Fl 32703 |
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| Weller Realty, 1821 S Orange Blossom Trl, Apopka Fl 32703 |
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Over the past 100 years, home prices have only grown at a compound annual rate of 0.3%, adjusted for inflation. The S&P 500, on the other hand, has had an annual return of 6.5%. That’s a big difference.
While that single real estate asset might help protect you against inflation, a well-balanced stock and bond portfolio seems to be a better investment. But a lot of people’s portfolios are mostly made up of their home value. You wouldn’t put 80 percent of your portfolio in a bond simply to protect against inflation (unless maybe you were nearing retirement) so why would your home make up that same amount? That’s the argument against buying a home as investment.
When making the decision it is important to understand that buying a home might not be a great financial investment and to not forgo all of your investable assets in order to purchase a home because you are really purchasing a right to housing and not a long-term investment designed to generate income.
Most experts agree that while housing is an investment, it’s not a great investment. So if this is your only basis for buying a home, it’s probably not the best one.
Decide How Much You Can Afford: In deciding whether you can afford to buy, you’ll have to figure out how much home you’re planning on buying in the first place. One rule of thumb for figuring out this number: your home should cost no more than 2.5 times your salary. Of course, this just gives you a ballpark figure. It doesn’t consider your net worth.
Weigh the Opportunity Cost of Renting Versus Buying: While your home might not be the best investment, in the end, it’s still yours. Even if it barely outpaces inflation, at the end of the day, you own it, and that’s worth something. When you rent, you own nothing—the money is given to someone else. So lots of people argue that you should own a home because one day, you’ll pay that home off and it’ll be yours, rather than continuing to pay rent for the rest of your life.
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