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 Plus Realty Group, 21 Old Kings Rd N # 107, Palm Coast Fl 32137 |
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| 100 Plus Realty, 21 Old Kings Rd N Ste B107, Palm Coast Fl 32137 |
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| 1st Global Realty, 1 Florida Park Dr S Ste 328, Palm Coast Fl 32137 |
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| 1st Light Realty, 32 Zebulahs Trl, Palm Coast Fl 32164 |
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| 1st Point Realty, 50 Leanni Way Unit A6, Palm Coast Fl 32137 |
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| 3 Dot Realty, 1 Florida Park Dr S Ste 330, Palm Coast Fl 32137 |
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| A1a Realty & Development, 7 Avenue De La Mer Ste 202, Palm Coast Fl 32137 |
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| Advantage Realty And Management, 4861 Palm Coast Pkwy Nw Ste 1, Palm Coast Fl 32 More ... |
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| All Flagler Realty, 11 Village Ln, Palm Coast Fl 32164 |
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| Allete Commercial, 145 City Pl Ste 300, Palm Coast Fl 32164 |
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| Amaral & Associates Rlty, 13 Utility Dr, Palm Coast Fl 32137 |
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| Amaral Property Management, 1370 Palm Harbor Pkwy, Palm Coast Fl 32137 |
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| American Realty Referrals, 1 Westmount Ln, Palm Coast Fl 32164 |
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| Anchor Real Estate Group, 1 Hargrove Grade Ste 1, Palm Coast Fl 32137 |
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| Apex Realty, 5 Zaun Ct, Palm Coast Fl 32164 |
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| Ashley Real Estate, 389 Palm Coast Pkwy Sw Ste 4, Palm Coast Fl 32137 |
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| Atlantic Homes Realty, 8 Edgely Pl, Palm Coast Fl 32164 |
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| Atlantic Ocean Realty, 50 Palm Harbor Pkwy Apt 33, Palm Coast Fl 32137 |
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| Aviva International Realty, 46 Cold Spring Ct, Palm Coast Fl 32137 |
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| Axiom Realty Group, 50 Leanni Way # 2, Palm Coast Fl 32137 |
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| Bachman And Bachman, 14 Eastwood Dr, Palm Coast Fl 32164 |
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| Bellagio Luxury Properties, 185 Cypress Point Pkwy Ste 700, Palm Coast Fl 32164 |
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| Berkshire Hathaway Home Services Fortune Group Properties, 101 Palm Harbor Pkwy More ... |
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| Better Homes And Gardens Real Estate Synergy, 11 Crossgate Ct W, Palm Coast Fl 3 More ... |
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| Billy Neil & Mike Hansen Realty, 14 Cedarfield Ct, Palm Coast Fl 32137 |
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| Blue Crown Real Estate Corp, 18 Edgemont Ln, Palm Coast Fl 32164 |
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| Bluewater Real Estate, 46 Bannerwood Ln, Palm Coast Fl 32137 |
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| Brattlof Realty Group, Po Box 351429, Palm Coast Fl 32135 |
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| By Appointment Only Realty, 250 Palm Coast Pkwy Ne Ste 607/376, Palm Coast Fl 32 More ... |
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| C Durkee & Associates, 8 Ulmacea Pl, Palm Coast Fl 32137 |
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| Caratan, 20 N Park Cir, Palm Coast Fl 32137 |
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| Century 21 100 Realty, 17 Old Kings Rd N Ste J, Palm Coast Fl 32137 |
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| Charles Umpenhour, 4867 Palm Coast Pkwy Nw Ste 2, Palm Coast Fl 32137 |
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| Cinnamon Beach Realty, 101 Palm Harbor Pkwy Ste 131, Palm Coast Fl 32137 |
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| Claddagh Florida Properties, Po Box 354402, Palm Coast Fl 32135 |
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| Clarion Group, 21 Utility Dr Ste D, Palm Coast Fl 32137 |
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| Clr Choice Realty, 138 Palm Coast Pkwy Ne Ste 173, Palm Coast Fl 32137 |
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| Coastal Realty Group Of Florida, 15 Utility Dr Unit D, Palm Coast Fl 32137 |
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| Concord Real Estate, 389 Palm Coast Pkwy Sw Ste 2, Palm Coast Fl 32137 |
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| Courtyard Realty, 8 Crossgate Ct E, Palm Coast Fl 32137 |
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| Cree & Morrow Realty, 23b Florida Park Dr N, Palm Coast Fl 32137 |
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| Dh Commercial Realty, 2 Armand Beach Dr Ste 1a, Palm Coast Fl 32137 |
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| East Coast Premier Properties, 5402 N Oceanshore Blvd, Palm Coast Fl 32137 |
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| English Estates & Realty, Po Box 353854, Palm Coast Fl 32135 |
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| Esunshinerentals, Po Box 350249, Palm Coast Fl 32135 |
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| Everest Realty Group, 377 Palm Coast Pkwy Sw Unit 5, Palm Coast Fl 32137 |
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| Everest Realty, 377 Palm Coast Pkwy Sw Unit 5, Palm Coast Fl 32137 |
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| Exclusive Properties Of Flagler County, 1 Florida Park Dr N Ste 105b, Palm Coast More ... |
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| Exit Realty First Choice, Po Box 351578, Palm Coast Fl 32135 |
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| First National Equity Group, 1 Florida Park Dr S Ste 110, Palm Coast Fl 32137 |
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| Flagler Pristine Properties, 186 Eric Dr, Palm Coast Fl 32164 |
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| Flagship Realty Of Palm Coast, 7 Chesapea Ct, Palm Coast Fl 32137 |
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| Florida Dream Properties, 1 Coleridge Ct, Palm Coast Fl 32137 |
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| Florida First Real Estate Company, Po Box 350633, Palm Coast Fl 32135 |
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| Florida For Life Realty, 112 Eric Dr, Palm Coast Fl 32164 |
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| Florida Green Homes Marketing, 145 Cypress Point Pkwy Ste 201, Palm Coast Fl 321 More ... |
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| Florida State Properties And Development Corp, Po Box 351578, Palm Coast Fl 3213 More ... |
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| Four Seasons Realty Pa, 104 Surfview Dr Apt 1308, Palm Coast Fl 32137 |
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| Gantt Realty Group, 32 Pine Cedar Dr, Palm Coast Fl 32164 |
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| Grand Haven Realty, 2298 Colbert Lane, Palm Coast Fl 32137 |
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| Hammock Coastal Real Estate, 102 Yacht Harbor Dr Unit 161, Palm Coast Fl 32137 |
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| Hammock Dunes Realty Company, 30 Avenue Royale, Palm Coast Fl 32137 |
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| Hammock Premier Properties, 5402 N Oceanshore Blvd, Palm Coast Fl 32137 |
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| Hammock Real Estate Group, 2 Jungle Hut Rd Ste 3, Palm Coast Fl 32137 |
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| Herrera Real Estate Services, 1 Florida Park Dr N Ste 105b, Palm Coast Fl 32137 |
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| Home Land Network Corp, 76 Brooklyn Ln, Palm Coast Fl 32137 |
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| Home Options Realty, 69 Edith Pope Dr, Palm Coast Fl 32164 |
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| Homelife Living Realty Corp, 18 Ethan Allen Dr, Palm Coast Fl 32164 |
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| Homeswell Realty, 115 Black Bear Ln, Palm Coast Fl 32137 |
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| Ja Pen Managing Properties, 22 Rickenbacker Dr, Palm Coast Fl 32164 |
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| John J Roper Company, 11 Rollins Dunes Dr, Palm Coast Fl 32137 |
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| Johnston Properties And Real Estate, 56 Bracken Ln, Palm Coast Fl 32137 |
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| Jupiter Properties, 3 Village Ln, Palm Coast Fl 32164 |
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| K Blank Realty And Management, 106 Red Mill Dr # 1177, Palm Coast Fl 32164 |
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| Karl Development Group, Po Box 353154, Palm Coast Fl 32135 |
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| Kirschbaum Realty, 21 Utility Dr Ste A, Palm Coast Fl 32137 |
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| Landmark Realty Of Florida, 13 Fordham Ln, Palm Coast Fl 32137 |
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| Laurel Park-seaside Realty, 14 Collinson Ct, Palm Coast Fl 32137 |
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| Mcgraw Realty And Management, 146 Beechwood Ln, Palm Coast Fl 32137 |
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| Mg Bona Fide Realty, 29 Wynnfield Dr, Palm Coast Fl 32164 |
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| Morning Sun Realty, 2 Office Park Dr Ste C, Palm Coast Fl 32137 |
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| Morris Williams Corporation, 389 Palm Coast Pkwy Sw Ste 4, Palm Coast Fl 32137 |
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| Morris Williams Real Estate, 389 Palm Coast Pkwy Sw Ste 4, Palm Coast Fl 32137 |
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| Morris Williams Realty, 389 Palm Coast Pkwy Sw Ste 4, Palm Coast Fl 32137 |
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| Nautilus Realty Group, 79 Patric Dr, Palm Coast Fl 32164 |
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| Network Relocation Realty, 2 Florida Park Dr N, Palm Coast Fl 32137 |
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| New Venture Realty, Po Box 350303, Palm Coast Fl 32135 |
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| Ocean Coast Development, Po Box 350463, Palm Coast Fl 32135 |
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| P C Realty Of Flagler, 25 Old Kings Rd N Ste 3a, Palm Coast Fl 32137 |
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| Palm Coast And The Beaches Real Estate, 7 Florida Park Dr N Ste A, Palm Coast Fl More ... |
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| Palm Coast Flagler Beach Realty, 2 Office Park Dr Ste B, Palm Coast Fl 32137 |
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| Palm Coast Holdings, 145 City Pl Ste 300, Palm Coast Fl 32164 |
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| Palm Coast Homes & Land, Po Box 350507, Palm Coast Fl 32135 |
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| Palm Coast Real Estate Company, 5 Utility Dr Ste 7, Palm Coast Fl 32137 |
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| Palm Coast Shores Realty Referrals, 20 Wood Center Ln, Palm Coast Fl 32164 |
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| Palm Harbor Realty Corp Of Palm Coast, 76 Covington Ln, Palm Coast Fl 32137 |
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| Palm Harbor Realty Group, 100 Misty Harbor Trce # 13, Palm Coast Fl 32137 |
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| Palm West Home Realty, 2 Florida Park Dr N, Palm Coast Fl 32137 |
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| Palmcoasting.com Real Estate Corp, 39 Ryder Dr, Palm Coast Fl 32164 |
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| Parkside Realty Group, 8 Erickson Pl, Palm Coast Fl 32164 |
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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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