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.
| 1st Florida Realty, 2727 N Atlantic Ave Ste 102, Daytona Beach Fl 32118 |
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| 20/20 Real Estate, Po Box 2623, Daytona Beach Fl 32115 |
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| Action Property Management & Realty, 1008 Belleflower Dr, Daytona Beach Fl 32127 |
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| Adams Cameron & Co, 444 Seabreeze Blvd Ste 670, Daytona Beach Fl 32118 |
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| Affordable Homes Realty, 713 Sleepy Hollow Dr, Daytona Beach Fl 32127 |
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| Ahern & Associates, 806 Black Duck Dr, Daytona Beach Fl 32127 |
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| All Atlantic, 402 Seabreeze Blvd Ste 7, Daytona Beach Fl 32118 |
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| All Volusia Realty, 3930 S Nova Rd Ste 300, Daytona Beach Fl 32127 |
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| Allhyde Real Estate, 1301 Beville Rd, Daytona Beach Fl 32119 |
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| Apd Realty And Management Co, 51 Dunlawton Ave, Daytona Beach Fl 32127 |
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| Atlantic Coast Properties Of Florida, 1737 Weeping Elm Cir, Daytona Beach Fl 321 More ... |
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| Atlantic Property Management & Collections, 144 S Halifax Ave Apt 82, Daytona Be More ... |
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| Auctionsmart.biz, 229 S Ridgewood Ave Apt 702, Daytona Beach Fl 32114 |
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| Beach Bum Realty, 123 Magnolia Ave, Daytona Beach Fl 32114 |
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| Benezette Real Estate And Property Management, Po Box 265715, Daytona Beach Fl 3 More ... |
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| Bliss Real Estate Of Florida, Po Box 9358, Daytona Beach Fl 32120 |
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| Blocker Realty, 2060 Country Farms Rd, Daytona Beach Fl 32128 |
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| Blue Realty, 1326 S Ridgewood Ave Ste 11, Daytona Beach Fl 32114 |
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| Brandon Investment Properties, 1060 Magnolia Ave, Daytona Beach Fl 32114 |
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| Brinkerhoff Property Management, 154 S Peninsula Dr, Daytona Beach Fl 32118 |
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| Bryson And Bryson Realty, 2075 Spruce Creek Cir W, Daytona Beach Fl 32128 |
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| Business Locations Realty, 65 Crooked Pine Rd, Daytona Beach Fl 32128 |
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| Ca Calnan Real Estate, 204 N Beach St, Daytona Beach Fl 32114 |
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| Carbon Credit Real Estate, 3412 S Atlantic Ave, Daytona Beach Fl 32118 |
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| Carey Realty Management, 3280 S Atlantic Ave Ste A, Daytona Beach Fl 32118 |
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| Central Florida Realty & Property Management, Po Box 214211, Daytona Beach Fl 32 More ... |
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| Charles Wayne Properties, 444 Seabreeze Blvd Ste 1000, Daytona Beach Fl 32118 |
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| Coast Atlantic Property Management, 3 Oceans West Blvd Apt 2d7, Daytona Beach Fl More ... |
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| Coast Atlantic Real Estate Services, 3 Oceans West Blvd Apt 2d7, Daytona Beach F More ... |
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| Coast Realty Referral, 5535 S Williamson Blvd Ste 724, Daytona Beach Fl 32128 |
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| Coastal Condos Realty Group, 1159 Key Largo Cir, Daytona Beach Fl 32128 |
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| Coldwell Banker Coast Realty, 5535 S Williamson Blvd Ste 724, Daytona Beach Fl 3 More ... |
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| Coldwell Banker Commercial Coast Realty, 5535 S Williamson Blvd Ste 724, Daytona More ... |
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| Daytona Beach Realty, Po Box 2027, Daytona Beach Fl 32115 |
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| Daytona Condo Realty, 2967 S Atlantic Ave Apt 1002, Daytona Beach Fl 32118 |
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| Daytona International Properties, 211 E Intl Spdwy Blvd Ste 201, Daytona Beach F More ... |
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| Daytona Realty And Property Management, 1326 S Ridgewood Ave Ste 6, Daytona Beac More ... |
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| Dees Realty, 1109 S Peninsula Dr Ste D, Daytona Beach Fl 32118 |
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| Dees Realty, 1109 S Peninsula Dr Ste B, Daytona Beach Fl 32118 |
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| Dimucci Realty Company, 51 Dunlawton Ave, Daytona Beach Fl 32127 |
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| Dinardo Property Management & Real Estate, 610 Dunlawton Ave Ste 1, Daytona Beac More ... |
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| Diplomatic Realtors, 6722 Calistoga Cir, Daytona Beach Fl 32128 |
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| Downtown Daytona 2000, 841 Ballough Rd Ste C, Daytona Beach Fl 32114 |
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| Dynamik Realty Group, Po Box 214211, Daytona Beach Fl 32121 |
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| East Beach Realty, 3815 S Atlantic Ave Apt 504, Daytona Beach Fl 32118 |
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| Evan Stuart And Associates, 6139 Del Mar Dr, Daytona Beach Fl 32127 |
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| Evans Realty, 1733 S Ridgewood Ave, Daytona Beach Fl 32119 |
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| Evans Realty Services, 1900 N Atlantic Ave, Daytona Beach Fl 32118 |
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| Exclusive Association Managements Incorporated, 145 Sea Isle Cir, Daytona Beach More ... |
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| Executive Realty Group, 5889 S Williamson Blvd Ste 201, Daytona Beach Fl 32128 |
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| Exit Realty Destinations, 126 W Speedway Blvd, Daytona Beach Fl 32114 |
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| Expert Realty Group, Po Box 227, Daytona Beach Fl 32115 |
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| Faustina Trump Real Estate, 2665 N Atlantic Ave # 406, Daytona Beach Fl 32118 |
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| Fecr, 4120 S Atlantic Ave, Daytona Beach Fl 32127 |
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| Findfloridalistings.com, 5808 Nob Hill Blvd, Daytona Beach Fl 32127 |
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| Firsttrust Realty, 882 E Coquina Dr, Daytona Beach Fl 32117 |
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| Florida Brokers, Po Box 265124, Daytona Beach Fl 32126 |
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| Florida Business Exchange, 5889 S Williamson Blvd Ste 1407, Daytona Beach Fl 321 More ... |
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| Florida Global International Realty, 148 Sand Thrush Ct, Daytona Beach Fl 32119 |
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| Florida Palm Realty, 1932 Spruce Creek Lndg, Daytona Beach Fl 32128 |
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| Florida Property Experts, 241 Riverside Dr Unit 1703, Daytona Beach Fl 32117 |
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| Floridian Realty, 1870 Halifax Dr, Daytona Beach Fl 32128 |
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| Four Star Home Brokers, 4236 Jackson St, Daytona Beach Fl 32127 |
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| Four Star Homes, 4236 Jackson St, Daytona Beach Fl 32127 |
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| Fretwell Realty, Po Box 10987, Daytona Beach Fl 32120 |
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| Fun Coast Vacations, 416 Old Trail Rd, Daytona Beach Fl 32118 |
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| Gaff's Realty Company, 415 Dunlawton Ave, Daytona Beach Fl 32127 |
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| Gaff's Referrals, 415 Dunlawton Ave, Daytona Beach Fl 32127 |
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| Gammero International Realty, 140 S Beach St, Daytona Beach Fl 32114 |
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| Gas Stations U S A Realty, 1898 S C Morris Blvd Ste 500, Daytona Beach Fl 32119 |
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| Getty Investment Properties, 4545 S Atlantic Ave Unit 3103, Daytona Beach Fl 321 More ... |
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| Ghi Realty, 964 S Lakewood Ter, Daytona Beach Fl 32127 |
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| Harbour Village Realty, 5531 S Ridgewood Ave Unit 5, Daytona Beach Fl 32127 |
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| Help U Sell Innovation Realty, 525 N Halifax Ave Ste 3, Daytona Beach Fl 32118 |
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| Herring & Company, 3703 S Atlantic Ave Unit 1106, Daytona Beach Fl 32118 |
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| Homesearch Realty Group, 116 Herring Gull Ct, Daytona Beach Fl 32119 |
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| Hurd, Robin G, 4505 S Atlantic Ave, Daytona Beach Fl 32127 |
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| Ici Select Realty, 2379 Beville Rd, Daytona Beach Fl 32119 |
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| Imovina, 55 Inlet Harbor Rd, Daytona Beach Fl 32127 |
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| J L Townsend Realty, 821 E Intl Spdwy Blvd, Daytona Beach Fl 32118 |
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| Jack White Land Company, 112 Orange Ave Ste 203, Daytona Beach Fl 32114 |
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| Karlhaus International Realty Corporation, Spruce Creek Airport, Daytona Beach F More ... |
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| Karlhaus Realty, 1713 Sky Hawk Ct, Daytona Beach Fl 32128 |
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| Ko-sell Realty, 3245 S Atlantic Ave Apt 804, Daytona Beach Fl 32118 |
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| Koenig Realty, 402 Seabreeze Blvd Ste 1, Daytona Beach Fl 32118 |
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| Lakic Enterprises, 206 Moore Ave Unit C, Daytona Beach Fl 32118 |
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| Landmark Properties Sales And Management, 435 S Ridgewood Ave, Daytona Beach Fl More ... |
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| Liberty Group Realty, 500 Fentress Blvd, Daytona Beach Fl 32114 |
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| Makai Realty Solutions, 100 Cessna Blvd Ste 1a, Daytona Beach Fl 32128 |
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| Marlin Realty Group, 1648 Taylor Rd # 131, Daytona Beach Fl 32128 |
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| Mccrary Realty, Po Box 11821, Daytona Beach Fl 32120 |
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| Menu Realty, 5111 S Ridgewood Ave Ste 300, Daytona Beach Fl 32127 |
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| Mg Luxury Rentals, 241 Riverside Dr Unit 105, Daytona Beach Fl 32117 |
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| Ming Hsiung Yang Real Estate, 2055 S Atlantic Ave Unit 803, Daytona Beach Fl 321 More ... |
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| Morbitzer Communities, 2430 S Atlantic Ave Ste C, Daytona Beach Fl 32118 |
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| New Florida Homes, 123 Magnolia Ave, Daytona Beach Fl 32114 |
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| North Beach International Realty, 241 Riverside Dr Unit 608, Daytona Beach Fl 32 More ... |
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| O'connell Properties, 1704 Destino Ct, Daytona Beach Fl 32128 |
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| Oceans Luxury Realty Full Service, 3162 S Atlantic Ave, Daytona Beach Fl 32118 |
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| Oceans Luxury Realty, 241 Riverside Dr Unit 608, Daytona Beach Fl 32117 |
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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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