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.
| #1 Real Estate Services, 6900 Daniels Pkwy Ste 29-167, Fort Myers Fl 33912 |
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| 9 Core Realty Services, Po Box 2569, Fort Myers Fl 33902 |
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| A New Leaf Realty, 15880 Summerlin Rd Ste 300 Pmb 245, Fort Myers Fl 33908 |
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| Absolute Equity Realty Group, 2733 Oak Ridge Ct Ste 104, Fort Myers Fl 33901 |
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| Achieve The Dream Realty, 12995 S Cleveland Ave Unit 11, Fort Myers Fl 33907 |
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| Aggressive Realty Services, Po Box 50961, Fort Myers Fl 33994 |
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| Alanda Corp, 12800 University Dr Ste 275, Fort Myers Fl 33907 |
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| Alico Commercial Group, 8831 Business Park Dr Ste 301, Fort Myers Fl 33912 |
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| All Around Realty, Po Box 7532, Fort Myers Fl 33919 |
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| All County Medallion Property Management, 2726 Oak Ridge Ct Ste 501, Fort Myers More ... |
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| Alliance Realty Associates, 14090 Metropolis Ave Ste 206, Fort Myers Fl 33912 |
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| Alliance Realty Group, 14090 Metropolis Ave Ste 206, Fort Myers Fl 33912 |
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| Allied Appraisers & Consultants, 1642 Medical Ln, Fort Myers Fl 33907 |
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| Anchor Group, 138 Crescent Dr, Fort Myers Fl 33919 |
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| Anchorlight Realty, 2756 1st St, Fort Myers Fl 33916 |
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| Assist 2 Sell Partners Realty, 15050 Elderberry Ln Ste 4-12, Fort Myers Fl 33907 |
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| Barclays Property Management Group, 2225 First St # 201, Fort Myers Fl 33901 |
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| Barclays Real Estate Group I, 2225 First St # 201, Fort Myers Fl 33901 |
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| Bartholomew Realty, 1560 Matthew Dr Ste H, Fort Myers Fl 33907 |
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| Benham Real Estate Group Of Sw Florida, 8695 College Pkwy Ste 2468, Fort Myers F More ... |
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| Birch Properties Florida, 7370 College Pkwy Ste 210, Fort Myers Fl 33907 |
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| Bob Evans Realty, 6237 Presidential Ct Ste 130, Fort Myers Fl 33919 |
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| Boback Commercial Group, 10491 Ben C.pratt Six Mile Cypress, Fort Myers Fl 33966 |
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| Brian Bartholomew Realty, Po Box 1289, Fort Myers Fl 33902 |
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| Bruno Realty Group, 5260 S Landings Dr Apt 1503, Fort Myers Fl 33919 |
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| Bundschu Kraft, 10181 Six Mile Cypress Pkwy #a-1, Fort Myers Fl 33966 |
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| Caloosa Realty Group, 2059 Altamont Ave Ste 105, Fort Myers Fl 33901 |
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| Caloosahatchee Development & Realty, 2038 W First St Ste 101, Fort Myers Fl 3390 More ... |
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| Carlson Norris And Associates, 1919 Courtney Dr Ste 14, Fort Myers Fl 33901 |
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| Comm Prop Management, 17595 S Tamiami Trl Ste 110, Fort Myers Fl 33908 |
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| Commercial Property Management, Po Box 60564, Fort Myers Fl 33906 |
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| Commercial Property Management Services, 5220 Sumerln Cms Blvd Ste 500, Fort Mye More ... |
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| Commercial Property Southwest Florida, 5220 Sumerln Cms Blvd Ste 500, Fort Myers More ... |
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| Commercial Property Specialists, 1516 Royal Palm Square Blvd, Fort Myers Fl 3391 More ... |
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| Commercial Real Estate Consultants, 12140 Carissa Cmrc Ct Ste 102, Fort Myers Fl More ... |
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| Commercium Real Estate, 2271 Mcgregor Blvd Ste 200, Fort Myers Fl 33901 |
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| Complete Realty Solutions, 9909 Gladiolus Preserve Cir, Fort Myers Fl 33908 |
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| Corax-fla, 8695 College Pkwy Ste 1261, Fort Myers Fl 33919 |
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| Corbin Henderson Company, 1404 Dean St Ste 100, Fort Myers Fl 33901 |
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| Cornerstone Coastal Properties, 7950 Summerlin Lakes Dr Ste 2, Fort Myers Fl 339 More ... |
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| Corporate Investment Business Brokers, 13791 Metropolis Ave Ste 100, Fort Myers More ... |
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| Country Club Rentals, 8961 Daniels Center Dr Ste 407, Fort Myers Fl 33912 |
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| Cousins Real Estate And Associates, 8695 College Pkwy Ste 1140, Fort Myers Fl 33 More ... |
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| Cozza Investment Group, 13379 Mcgregor Blvd Ste 2, Fort Myers Fl 33919 |
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| Cre Consultants, 12140 Carissa Cmrc Ct Ste 102, Fort Myers Fl 33966 |
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| Cross & Associates Real Estate, 1420 Claret Ct, Fort Myers Fl 33919 |
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| Crown Colony Realty, 8810 New Castle Dr, Fort Myers Fl 33908 |
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| Csm & Co, 6900 Daniels Pkwy Ste 29-341, Fort Myers Fl 33912 |
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| Cyrus International Realty Corp, 17595 S Tamiami Trl Ste 213, Fort Myers Fl 3390 More ... |
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| Cyrus Referral Corp, 17595 S Tamiami Trl Ste 213, Fort Myers Fl 33908 |
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| D R Horton Realty Of Southwest Florida, 10541 Ben C Pratt Six Mile Cypress, Fort More ... |
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| Dan Royal Realty, 10979 Longwing Dr, Fort Myers Fl 33912 |
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| David C Brown Realty, 2665 Oak Ridge Ct, Fort Myers Fl 33901 |
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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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