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.
| 100 Mph Realty, 445 Pineda Ct Ste 102, Melbourne Fl 32940 |
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| 85 & Sunny Property Management, 2295 W Eau Gallie Blvd Ste A, Melbourne Fl 32935 |
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| 85 & Sunny Real Estate, 2295 W Eau Gallie Blvd Ste A, Melbourne Fl 32935 |
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| A 1st Responder Realty, 7777 N Wickham Rd Ste 12-612, Melbourne Fl 32940 |
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| A Better Idea, 1188 Arnold Dr, Melbourne Fl 32935 |
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| Aavanti Associates, 3410 N Harbor City Blvd, Melbourne Fl 32935 |
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| Absolute Property Management Team, 8255 N Wickham Rd Ste 101, Melbourne Fl 32940 |
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| Adair Real Estate Service, 1900 S Harbor City Blvd Ste 102, Melbourne Fl 32901 |
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| Agency Brokerage Consultants, 1600 Sarno Rd Ste 115, Melbourne Fl 32935 |
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| All American Real Estate, 952 Kelmore Dr, Melbourne Fl 32935 |
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| All Florida Property Group, 335 Pineda Ct Ste 106, Melbourne Fl 32940 |
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| All Way Realty, 1704 Aurora Rd # 1, Melbourne Fl 32935 |
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| Amato Group, 1958 Crane Creek Blvd, Melbourne Fl 32940 |
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| America East Realty, 1900 S Harbor City Blvd Ste 328, Melbourne Fl 32901 |
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| Asc Realty Group, Po Box 121812, Melbourne Fl 32912 |
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| Associated Real Estate, 3270 Suntree Blvd Ste 125, Melbourne Fl 32940 |
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| Associated Realty Group Of Brevard, 3210 N Wickham Rd, Melbourne Fl 32935 |
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| Austin Realty, 3960 Minton Rd, Melbourne Fl 32904 |
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| Ayala Realty Group, 6767 N Wickham Rd Ste 401, Melbourne Fl 32940 |
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| Banana River Realty, 900 W Eau Gallie Blvd, Melbourne Fl 32935 |
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| Banyon Properties, 1335 Berri Patch Pl Ste 1, Melbourne Fl 32935 |
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| Barber Realty, 1735 W Hibiscus Blvd Ste 200, Melbourne Fl 32901 |
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| Beacon Real Estate Sales, 408 E Strawbridge Ave, Melbourne Fl 32901 |
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| Black Flamingo Investments, 1819 Poinsetta Blvd, Melbourne Fl 32901 |
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| Blue Palms Realty, 3270 Suntree Blvd Ste 204, Melbourne Fl 32940 |
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| Bosco Realty, 1885 Aurora Rd, Melbourne Fl 32935 |
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| Brevard County Realty, 3270 Suntree Blvd Ste 122, Melbourne Fl 32940 |
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| Brevard County Referrals, 445 Pineda Ct Ste 102, Melbourne Fl 32940 |
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| Brevard Executive Real Estate, 5972 Goleta Cir, Melbourne Fl 32940 |
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| Brevard Property Management & Realty Group, 901 Jordan Blass Dr Ste 101, Melbour More ... |
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| Brevards Best Realty, 4100 N Wickham Rd Ste 107a, Melbourne Fl 32935 |
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| Brubaker Realty, 1041 Italia Ct, Melbourne Fl 32940 |
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| Bucci Realty, 2948 Cortona Dr, Melbourne Fl 32940 |
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| Cameron Realty Group, 550 E Strawbridge Ave Ste A, Melbourne Fl 32901 |
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| Casablanca Realty, 1575 Sarno Rd, Melbourne Fl 32935 |
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| Cdi Real Estate Company, 1900 S Harbor City Blvd Ste 333, Melbourne Fl 32901 |
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| Center Point Real Estate Investment, 4885 N Wickham Rd Ste 106, Melbourne Fl 329 More ... |
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| Coastal Realty Of Brevard, 2801 S Harbor City Blvd, Melbourne Fl 32901 |
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| Corcoran Realty, 8110 Daventry Dr, Melbourne Fl 32940 |
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| Cornerstone Commercial Associates, 561 Spring Lake Dr, Melbourne Fl 32940 |
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| Corporate Business Brokers, 2485 Jen Dr Ste 1, Melbourne Fl 32940 |
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| Corporate Property Group, 7332 Office Park Pl Ste 101, Melbourne Fl 32940 |
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| Coy A Clark Company, 330 N Babcock St Ste 103, Melbourne Fl 32935 |
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| Crown Head Corporation, 1900 S Harbor City Blvd Ste 328, Melbourne Fl 32901 |
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| Cunningham Ingram & Anderson, 4320 Woodland Park Dr, Melbourne Fl 32904 |
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| Curri Kirschner Real Estate Group, 1332 De Soto St, Melbourne Fl 32935 |
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| Curri Properties, 2893 N Harbor City Blvd, Melbourne Fl 32935 |
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| Cwa Real Estate Services, 3241 Windsor Estates Dr, Melbourne Fl 32940 |
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| D Basile Real Estate, 444 S Babcock St, Melbourne Fl 32901 |
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| Dataspace Management, 3725 Oak Ln, Melbourne Fl 32934 |
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| Deborah L Kolos, 1216 Hasley Pl, Melbourne Fl 32940 |
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| Di Lavore Properties, 3270 Suntree Blvd Ste 103, Melbourne Fl 32940 |
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| Downs Investment Properties, Po Box 361283, Melbourne Fl 32936 |
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| Downs Realty, Po Box 361283, Melbourne Fl 32936 |
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| Dynasty Rlty Of Brevard, 1600 Sarno Rd Ste 119, Melbourne Fl 32935 |
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| Elite Associate Referral Network, 791 Glengarry Dr, Melbourne Fl 32940 |
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| Elite Real Estate, 6022 Farcenda Pl Ste 102, Melbourne Fl 32940 |
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| Equinox Realty, 1220 Palm Garden Pl, Melbourne Fl 32940 |
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| Evans Butler Realty, 1698 W Hibiscus Blvd Ste A, Melbourne Fl 32901 |
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| Exit 1st Class Realty, 4865 N Wickham Rd Ste 104, Melbourne Fl 32940 |
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| Falcon Realty & Development, 2825 Business Ctr Blvd Ste C1, Melbourne Fl 32940 |
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| First Class Realty Services, 2700 Croton Rd Apt 3-04, Melbourne Fl 32935 |
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| First Service Advisors Corp, Po Box 99, Melbourne Fl 32902 |
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| First South Real Estate Services, Po Box 2002, Melbourne Fl 32902 |
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| Florida Coastal Homes, 1684 W Hibiscus Blvd, Melbourne Fl 32901 |
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| Florida Guardian Trust Real Estate, Po Box 410916, Melbourne Fl 32941 |
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| Florida Real Estate Affiliates, 6450 N Wickham Rd Ste 104b, Melbourne Fl 32940 |
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| Fonda Fay's Global Realty, 617 E Melbourne Ave, Melbourne Fl 32901 |
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| Four Star Real Estate, 1936 Freedom Dr, Melbourne Fl 32940 |
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| Geiger Gould Properties, 641 Dawson Dr, Melbourne Fl 32940 |
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| Gen Real Estate & Management Corp, 4760 North Us 1, Melbourne Fl 32935 |
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| Get U House, 2623 Vining St, Melbourne Fl 32904 |
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| Golden Realty Group, 405 E Strawbridge Ave, Melbourne Fl 32901 |
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| Golden Realty Group Of Brevard, Po Box 410497, Melbourne Fl 32941 |
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| Goodword Real Estate, 508 N Harbor City Blvd, Melbourne Fl 32935 |
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| Gordon Real Estate Consulting, 1141 Cypress Trace Dr, Melbourne Fl 32940 |
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| Gps Realty, 47 W New Haven Ave Ste 202, Melbourne Fl 32901 |
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| Hanson Appraisal And Realty, 1825 Riverview Dr, Melbourne Fl 32901 |
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| Harrell Real Estate, 1128 Tipperary Dr, Melbourne Fl 32940 |
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| Hart To Hart Real Estate, 2955 Pineda Plaza Way Ste 101, Melbourne Fl 32940 |
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| Henderson Southeast Corp, 1800 Penn St Ste 11, Melbourne Fl 32901 |
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| Higgins Realty Associates, 429 Maple Bluff Cir, Melbourne Fl 32940 |
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| Hodgers, Brian Alan, 7777 N Wickham Rd Ste 10, Melbourne Fl 32940 |
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| Holiday Builders Of The Gulf Coast, 2293 W Eau Gallie Blvd, Melbourne Fl 32935 |
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| Homelife Properties, 7777 N Wickham Rd # 12-323, Melbourne Fl 32940 |
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| Host Realty, 1590 S Wickham Rd, Melbourne Fl 32904 |
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| House Facts Realty, 3200 N Wickham Rd # Ste3, Melbourne Fl 32935 |
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| Indian River Colony Club Incorporated, 1936 Freedom Dr, Melbourne Fl 32940 |
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| Inside Sales Agents, 3270 Suntree Blvd Ste 127, Melbourne Fl 32940 |
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| Inspire Property Management, 700 W Eau Gallie Blvd, Melbourne Fl 32935 |
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| Inspire Realty, 700 W Eau Gallie Blvd, Melbourne Fl 32935 |
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| Inter State Properties, 1928 Dairy Rd, Melbourne Fl 32904 |
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| Interamerican Realty Associates, 5951 Nw 151st Street Suite 100, Melbourne Fl 32 More ... |
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| Investment Property Enterprises, 308 Rutgers Ave, Melbourne Fl 32901 |
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| Island Living Real Estate, 1437 Pineapple Ave Ste 702, Melbourne Fl 32935 |
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| Itg Realty, 1455 S Wickham Rd, Melbourne Fl 32904 |
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| J M G Realty, 4840 Dairy Rd Ste 104, Melbourne Fl 32904 |
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| J M Real Estate, 2425 Pineapple Ave Ste 108, Melbourne Fl 32935 |
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| Jano Properties, 4545 Rivermist Dr, Melbourne Fl 32935 |
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| Joyal Enterprises, 2800 Aurora Rd, Melbourne Fl 32935 |
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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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