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 Florida Realty, Po Box 171344, Hialeah Fl 33017 |
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| 5 Diamond Management And Real Estate, 17687 Nw 78th Ave, Hialeah Fl 33015 |
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| A R I Realty, 1051 W 29th St Ste 2, Hialeah Fl 33012 |
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| A1 Group Realty, 1230 E 4th Ave, Hialeah Fl 33010 |
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| Aaba Lopez Realty, 5370 Palm Ave Ste 1, Hialeah Fl 33012 |
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| Absolute Real Estate, 7405 W 14th Ct, Hialeah Fl 33014 |
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| Absolute Realty International, 14100 Plmtto Frntg Rd Ste 105, Hialeah Fl 33016 |
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| Acm International Realty, 7900 Nw 155th St Ste 205, Hialeah Fl 33016 |
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| Aguiar Realty Corp, 6500 Cowpen, Hialeah Fl 33014 |
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| Aleph Realty, 19601 W Oakmont Dr, Hialeah Fl 33015 |
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| All Out Realty, 8032 Nw 161st Ter, Hialeah Fl 33016 |
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| Allstate Realty, 8326 Dundee Ter, Hialeah Fl 33016 |
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| Alteza Realty Group, 6333 Gage Pl, Hialeah Fl 33014 |
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| American Dream Home Realty Corp, 450 W 38th Pl, Hialeah Fl 33012 |
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| American International Brokers, 8004 Nw 154th St # 383, Hialeah Fl 33016 |
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| American Land Real Estate, 15500 New Barn Rd, Hialeah Fl 33014 |
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| American Management And Realty, 1691 W 37th St Ste 33, Hialeah Fl 33012 |
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| Amerihome Realty, 7950 Nw 155th St # Ste105, Hialeah Fl 33016 |
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| Ardent Property Group, 6001 Nw 153rd St Ste B, Hialeah Fl 33014 |
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| Aremsi, Po Box 171268, Hialeah Fl 33017 |
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| Aria Group Partners, 18505 Nw 75th Pl Ste 127, Hialeah Fl 33015 |
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| Arinvest Realty Corporation, 6125 W 21st Ct, Hialeah Fl 33016 |
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| Asset Realty & Associates, 18300 62nd Ave, Hialeah Fl 33015 |
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| Atlantic Bay International Realty, 4470 E 8th Ln, Hialeah Fl 33013 |
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| Atlas Investment Real Estate, 355 E 33rd St Apt 355, Hialeah Fl 33013 |
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| Avatar Ventures, 895 W 39th Pl, Hialeah Fl 33012 |
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| Azul Realty Corp, 175 W 58th Ter, Hialeah Fl 33012 |
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| Bella Mar Real Estate, 15315 Nw 60th Ave Ste J, Hialeah Fl 33014 |
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| Best Buy Global Realty, 632 E 4th Ave, Hialeah Fl 33010 |
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| Best Choice Real Estate, 17670 Nw 78th Ave Ste 107, Hialeah Fl 33015 |
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| Best Home International Properties, 4131 West, Hialeah Fl 33012 |
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| Best Of Best Realty, 8330 Menteith Ter, Hialeah Fl 33016 |
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| Best Way Realty, 435 Se 3rd St, Hialeah Fl 33010 |
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| Bettoli Real Estate, 6095 Nw 167th St Ste D2b, Hialeah Fl 33015 |
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| Blue Rose Realty Sales Co, 6428 Miami L Miami Lakes Drive East, Hialeah Fl 33014 |
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| Bravo Realty Services, 14100 Plmtto Frntg Rd Ste 200, Hialeah Fl 33016 |
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| Builders Corporation, 366 W 12th St, Hialeah Fl 33010 |
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| Busca Real Estate Corp, 398 E 33rd St Ste 201, Hialeah Fl 33013 |
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| C And S Premier Realty, 310 E 60th St, Hialeah Fl 33013 |
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| C F Properties Corp, 6625 Miami Lakes Dr E Ste 340, Hialeah Fl 33014 |
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| C&d International Realty, 7477 Nw 167th St, Hialeah Fl 33015 |
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| Cacophony Group, 7590 Nw, Hialeah Fl 33015 |
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| Capital Real Estate Solutions, 1840 W 49th St Ste 707, Hialeah Fl 33012 |
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| Capstone Realtors Corporation, 17670 Nw 78th Ave Ste 208, Hialeah Fl 33015 |
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| Casas Realty, 275 W 50th St, Hialeah Fl 33012 |
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| Centennial Management Corp, 7735 Nw 146th St Ste 306, Hialeah Fl 33016 |
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| Cgr & Associates, 6625 Miami Lakes Dr E Ste 316, Hialeah Fl 33014 |
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| Charles Lowell Realty, 8100 Nw 155th St Ste 100, Hialeah Fl 33016 |
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| Cheetham Realty, 14285 Sabal Dr, Hialeah Fl 33014 |
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| Cirrius Group Corp, 8857 Nw 117th St, Hialeah Fl 33018 |
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| Climax Realty, 17951 Ne 91st Court, Hialeah Fl 33018 |
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| Continental Realtors, 5881 Nw 151st St Ste 217, Hialeah Fl 33014 |
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| Cook Commercial Realty, 2625 W 78th St, Hialeah Fl 33016 |
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| Cook Realty Group, 2625 W 78th St, Hialeah Fl 33016 |
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| Costa Realtors Corp, 6843 Main St Ste 302, Hialeah Fl 33014 |
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| Costa Realty, 6843 Main St Ste 302, Hialeah Fl 33014 |
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| Dacam, 845 W 37th St, Hialeah Fl 33012 |
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| Del Valle & Associates, 8140 Nw 155th St Ste 201, Hialeah Fl 33016 |
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| Dfg Realty Group Corp, 18400 Nw 75th Pl Ste 114, Hialeah Fl 33015 |
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| Dora & Associates Real Estate, 5881 Nw 151st St Ste 215, Hialeah Fl 33014 |
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| Dream To Reality Realty, 15327 Nw 60th Ave Ste 240, Hialeah Fl 33014 |
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| E Diaz Real Estate Associates, 660 E 49th St, Hialeah Fl 33013 |
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| Eclipse Real Estate Services Corp, 7640 Nw 181st Ter, Hialeah Fl 33015 |
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| Ecm Century Real Estate, 9093 Nw 163 Ter, Hialeah Fl 33012 |
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| Edward Garcia, 6163 Miami Lakes Dr E, Hialeah Fl 33014 |
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| Elite Realty, 12101 Nw 98th Ave Ste 8, Hialeah Fl 33018 |
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| Elysium Real Estate, 6736 Kingsmoor Way, Hialeah Fl 33014 |
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| Empire Realty Of Florida, Po Box 22002, Hialeah Fl 33002 |
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| Entrust Realty Group Corp, 3240 W 70th St Unit 108, Hialeah Fl 33018 |
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| Equator Realty, 6301 Lake Geneva Rd, Hialeah Fl 33014 |
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| Equiworld Group, 6839 Main St, Hialeah Fl 33014 |
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| Express Real Estate Of Miami, 441 W 77th St, Hialeah Fl 33014 |
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| Ez 2 Own Homes Realty, 16400 Nw 59th Ave Ste 2, Hialeah Fl 33014 |
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| Ez To Own Homes Realty, 2300 W 84th St, Hialeah Fl 33016 |
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| Far Florida, 8083 Nw 103rd St, Hialeah Fl 33016 |
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| Firehouse Realty, 6830 White Oak Dr, Hialeah Fl 33014 |
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| First Home Realty, 17601 Nw 85th Ave, Hialeah Fl 33015 |
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| First Realty Group, 900 W 49th St Ste 504, Hialeah Fl 33012 |
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| First Start Realty, 14100 Plmtto Frntg Rd Ste 108, Hialeah Fl 33016 |
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| Fiur Organization, 469 W 83rd St, Hialeah Fl 33014 |
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| Florida Capital Realty Elite, 3418 W 84th St Ste 104, Hialeah Fl 33018 |
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| Florida Real Estate Experts, 7975 Nw 155th St Ste B, Hialeah Fl 33016 |
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| Foreclosure Authority Realty, 8083 Nw 103rd St, Hialeah Fl 33016 |
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| Fpmg Real Estate Division, 5881 Nw 151st St Ste 206, Hialeah Fl 33014 |
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| Freestyle Realty, 5851 W 20th Ave Apt 402, Hialeah Fl 33012 |
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| G E S Realty, Po Box 5426, Hialeah Fl 33014 |
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| G Executive Realty, 8732 Nw 189th Ter, Hialeah Fl 33018 |
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| G G Homes, 6625 Miami Lakes Dr E # 433, Hialeah Fl 33014 |
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| Genesis Realty Services, 7759 Nw 146th St # G2, Hialeah Fl 33016 |
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| Ges National Referrals, Po Box 5426, Hialeah Fl 33014 |
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| Gibraltar Realty & Management, 9808 Nw 80th Ave, Hialeah Fl 33016 |
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| Gilbert Green P A, 6625 Miami Lakes Dr E # 433, Hialeah Fl 33014 |
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| Go Green Realty Group Co, 6625 Miami Lakes Dr E Ste 340, Hialeah Fl 33014 |
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| Golani Realty, 1355 W 44th Pl # 100, Hialeah Fl 33012 |
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| Golden Acre Real Estate Corp, 5881 Nw 151st St Ste 123, Hialeah Fl 33014 |
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| Golden Realty, 17670 Nw 78th Ave Ste 104, Hialeah Fl 33015 |
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| Graham Companies, 6843 Main St, Hialeah Fl 33014 |
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| Greatstone Realty, 3839 W 16th Ave, Hialeah Fl 33012 |
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| Green Lands Realty, 6175 Nw 153rd St Ste 224, Hialeah Fl 33014 |
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| Grg, 5901 Nw 151st St Ste 220, Hialeah Fl 33014 |
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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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