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 Class Realty & Management Co, 2318 Prairie Ave, Miami Beach Fl 33140 |
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| 305 Degrees Realty, 4505 N Michigan Ave, Miami Beach Fl 33140 |
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| 7 Seas Realty, 1045 10th St Apt 201, Miami Beach Fl 33139 |
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| Aban Realty, 5161 Collins Ave Apt 905, Miami Beach Fl 33140 |
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| Ackman Ziff Real Estate Group, 801 Arthur Godfrey Rd Ste 201, Miami Beach Fl 331 More ... |
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| Acquire International Realty, 309 23rd St Ste 360, Miami Beach Fl 33139 |
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| Adams Taylor, 1130 Washington Ave Fl 3, Miami Beach Fl 33139 |
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| Affinity Realty Group, 1680 Michigan Ave Ste 1024, Miami Beach Fl 33139 |
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| Aguila Wealth, 5055 Collins Ave Ste 3g, Miami Beach Fl 33140 |
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| Akiva Realty, Po Box 402602, Miami Beach Fl 33140 |
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| Aktiv Realty, 1674 Meridian Ave Ste 320, Miami Beach Fl 33139 |
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| Alba International Realty, Po Box 398141, Miami Beach Fl 33239 |
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| Allmia Real Estate, 811 8th St Apt 10, Miami Beach Fl 33139 |
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| American Charities Real Estate Corporation, 1000 5th St Ste 200, Miami Beach Fl More ... |
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| Americas Brokers, 407 Lincoln Rd Ste 12d, Miami Beach Fl 33139 |
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| Andina Realty, 1414 Collins Ave, Miami Beach Fl 33139 |
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| Antigen Realty, 450 Alton Rd Ste 3305, Miami Beach Fl 33139 |
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| Appraisalworks, 421 Meridian Ave, Miami Beach Fl 33139 |
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| Auerbach Associates, 763 41st Street #a, Miami Beach Fl 33140 |
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| Aureus Financial Corporation, 1680 Michigan Ave Ste 1001, Miami Beach Fl 33139 |
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| Avenue Real Estate Partners, 605 Lincoln Rd Ste 440, Miami Beach Fl 33139 |
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| Azure Miami, Po Box 403607, Miami Beach Fl 33140 |
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| B Realty, 10 Venetian Way Apt 801, Miami Beach Fl 33139 |
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| Bais Shalom The Eleanor & Ronnie Cohen Residences, 3767 Chase Ave, Miami Beach F More ... |
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| Barclay's Real Estate Group, 1674 Meridian Ave Ste 320, Miami Beach Fl 33139 |
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| Barrington Team, 1315 Lenox Ave, Miami Beach Fl 33139 |
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| Basel Boutique Real Estate, 7901 Hispanola Ave Apt 1801, Miami Beach Fl 33141 |
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| Bayview International Realty, 6937 Bay Dr Apt 305, Miami Beach Fl 33141 |
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| Beach Properties, Po Box 403818, Miami Beach Fl 33140 |
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| Beach Property Realty, 710 Pennsylvania Ave Apt 3, Miami Beach Fl 33139 |
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| Beach Realty, 400 S Pointe Dr Apt 402, Miami Beach Fl 33139 |
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| Bedrock Properties, 110 Washington Ave Apt 1514, Miami Beach Fl 33139 |
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| Beltran Group Realty, 6365 Collins Ave Apt 2707, Miami Beach Fl 33141 |
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| Benchmark Group Of Florida, 6061 N Bay Rd, Miami Beach Fl 33140 |
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| Bentley Real Estate Group, 6000 Collins Ave Apt 112, Miami Beach Fl 33140 |
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| Betancourt Realty Group, 2829 Indian Creek Dr Apt 1405, Miami Beach Fl 33140 |
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| Biscayne Real Estate, 1034 Lenox Ave Apt 8, Miami Beach Fl 33139 |
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| Blue Estate Realty, 1560 Lenox Ave Ste 102, Miami Beach Fl 33139 |
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| Blue Label Realty, 7545 E Treasure Dr, Miami Beach Fl 33141 |
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| Bold Miami, 5959 Collins Ave Ste 703, Miami Beach Fl 33140 |
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| Bravis Realty, 11 Island Ave Apt 1405, Miami Beach Fl 33139 |
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| Breene Luxury Realty, Po Box 403548, Miami Beach Fl 33140 |
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| Brg International, Po Box 398616, Miami Beach Fl 33239 |
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| Brian Paul Real Estate, 6538 Collins Ave # 364, Miami Beach Fl 33141 |
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| Broker Breaker, 524 Washington Ave Ste 101, Miami Beach Fl 33139 |
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| Brown Harris Stevens Zilbert, 1129 5th St, Miami Beach Fl 33139 |
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| Bsb Realty Services, 5700 Collins Ave Apt 6e, Miami Beach Fl 33140 |
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| Business Broker Of Miami, 1000 5th St Ste 203, Miami Beach Fl 33139 |
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| Buy The Beach Realty, 800 West Ave, Miami Beach Fl 33139 |
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| Calibre International Realty, 1674 Meridian Ave Ste 300, Miami Beach Fl 33139 |
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| Candito Realty, 1521 Alton Rd # 519, Miami Beach Fl 33139 |
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| Capital Group Realty, 5445 Collins Ave Ste Cu10, Miami Beach Fl 33140 |
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| Castle & Brookes Licensed Real Estate Brokers, 4101 Pine Tree Dr Ste 411, Miami More ... |
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| Catapult Investments, 400 Alton Rd Unit 1006, Miami Beach Fl 33139 |
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| Centaur Realty Organization, 309 23rd St Ste 203, Miami Beach Fl 33139 |
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| Century 21-regal Realty, Po Box 403322, Miami Beach Fl 33140 |
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| Chosen Realty, 555 Washington Ave Ste 370, Miami Beach Fl 33139 |
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| Chris R, 5959 Collins Ave Apt 1907, Miami Beach Fl 33140 |
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| Claris Realty Advisors, 4045 Sheridan Ave # 240, Miami Beach Fl 33140 |
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| Compass Florida, 605 Lincoln Rd Fl 7, Miami Beach Fl 33139 |
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| Comras Company Of Florida, 1261 20th St, Miami Beach Fl 33139 |
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| Concierge Real Estate Services, 1141 71st St, Miami Beach Fl 33141 |
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| Condoideas Realty Group, 90 Alton Rd Apt 1906, Miami Beach Fl 33139 |
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| Corporate Realty Solutions, 1900 Sunset Harbour Drive #802, Miami Beach Fl 33139 |
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| Corsa Realty, 910 West Ave Apt 830, Miami Beach Fl 33139 |
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| Corte Real Estate Group, 407 Lincoln Rd Ste 11j, Miami Beach Fl 33139 |
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| Costa Miami Realty, 7501 E Treasure Dr Apt 1a, Miami Beach Fl 33141 |
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| Covisa Rlty & Management, Po Box 402665, Miami Beach Fl 33140 |
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| Crb Realty, 5333 Collins Ave Apt 709, Miami Beach Fl 33140 |
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| Crealova International Realty, 1000 5th St Ste 200-j10, Miami Beach Fl 33139 |
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| Delaplaine Realty, 10 Lagorce Cir, Miami Beach Fl 33141 |
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| Denali Realty, 2024 Fisher Island Dr, Miami Beach Fl 33109 |
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| Design Suites Real Estate, 5445 Collins Ave, Miami Beach Fl 33140 |
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| Diaz & Co Realtors, 7941 West Dr Apt 101, Miami Beach Fl 33141 |
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| Dk International Realty, 350 Lincoln Rd Fl 2, Miami Beach Fl 33139 |
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| Donahue Realty, 5825 Collins Ave Apt 12d, Miami Beach Fl 33140 |
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| Doric Realty, 1000 5th St Fl 2, Miami Beach Fl 33139 |
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| Douglas Elliman, 1111 Lincoln Rd Ste 805, Miami Beach Fl 33139 |
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| Douglas Elliman, 1111 Lincoln Rd, Miami Beach Fl 33139 |
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| Douglas Elliman Associates, 1111 Lincoln Rd # Ph805, Miami Beach Fl 33139 |
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| Douglas Elliman Commercial, 1111 Lincoln Rd Ste 805, Miami Beach Fl 33139 |
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| Douglas Elliman Florida, 1111 Lincoln Rd Ste 805, Miami Beach Fl 33139 |
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| Dsl One, 804 Ocean Dr, Miami Beach Fl 33139 |
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| E Capital Realty, 5601 Collins Ave Apt 907, Miami Beach Fl 33140 |
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| Ecr Realty Group, 10 Venetian Way Ste 2004, Miami Beach Fl 33139 |
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| Elite Ocean View Realty, 300 71st St Ste 650, Miami Beach Fl 33141 |
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| Envision Realty Group, 407 Lincoln Rd Ste 9d, Miami Beach Fl 33139 |
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| Everything Miami Realty, 5838 Collins Ave Apt 9g, Miami Beach Fl 33140 |
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| Excel Investment Corporation, 1000 Lincoln Rd Ste 210, Miami Beach Fl 33139 |
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| Exquisite Homes, 4045 Sheridan Ave # 254, Miami Beach Fl 33140 |
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| First Interval Corp, 6985 Collins Ave, Miami Beach Fl 33141 |
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| First The Real Estate, 130 3rd St Apt 105, Miami Beach Fl 33139 |
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| Fisher Island Real Estate, 1 Fisher Island Dr, Miami Beach Fl 33109 |
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| Fisher Real Estate Agency, 1000 5th St Ste 212, Miami Beach Fl 33139 |
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| Florida Aquisitions Realty, 1111 Lincoln Rd Ste 400, Miami Beach Fl 33139 |
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| Florida Business Realty, 1680 Michigan Ave Ste 1014, Miami Beach Fl 33139 |
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| Florida Estate Investments, 310 S Coconut Ln, Miami Beach Fl 33139 |
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| Florida Relocation Team, 1239 Alton Rd, Miami Beach Fl 33139 |
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| Florida.doc, 100 Lincoln Rd Apt 534, Miami Beach Fl 33139 |
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| Frontrunner Realty, 3141 N Bay Rd, Miami Beach Fl 33140 |
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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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