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.
| A Better Way Realty, 160 Colonial Ct, Palm Harbor Fl 34684 |
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| Abi Road Realty, 1423 Ribolla Dr, Palm Harbor Fl 34683 |
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| Am-pm Realty, 1585 Powder Ridge Dr, Palm Harbor Fl 34683 |
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| Anglers Cove Rentals, Po Box 2367, Palm Harbor Fl 34682 |
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| Basta Solutions, 36625 Us Hwy 19n, Palm Harbor Fl 34684 |
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| Bay Area Properties, Po Box 804, Palm Harbor Fl 34682 |
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| Bay Realty Group, 2445 Tampa Rd Ste B, Palm Harbor Fl 34683 |
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| Bayside Property Management & Real Estate Services Corp., 3901 Belmoor Dr, Palm More ... |
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| Beach Bum Properties Of Florida, 119 Carlyle Dr, Palm Harbor Fl 34683 |
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| Black Star Realty Group, 1150 Skye Ln, Palm Harbor Fl 34683 |
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| Boardwalk Company, 31640 Us Highway 19 N Ste 1, Palm Harbor Fl 34684 |
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| Boardwalk Enterprises Real Estate Co, 31640 Us Highway 19 N, Palm Harbor Fl 3468 More ... |
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| Bob Hey Realty, 751 Lime St, Palm Harbor Fl 34683 |
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| Bradshaw & Bradshaw Realty Services, 105 Carlyle Cir, Palm Harbor Fl 34683 |
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| Bunch & Company, 705 Rolling Hills Dr, Palm Harbor Fl 34683 |
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| Century 21 Coast To Coast, 4114 Amber Ln, Palm Harbor Fl 34685 |
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| Century 21 East Lake Realty, 782 E Lake Rd, Palm Harbor Fl 34685 |
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| Dorothy.com, 1522 Lago Vista Blvd, Palm Harbor Fl 34685 |
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| Elegant Homes, 36750 Us Highway 19 N Ste 2020, Palm Harbor Fl 34684 |
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| Elite Referral Group, 35190 Us Highway 19 N, Palm Harbor Fl 34684 |
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| Executive Square Realty, 1195 Royal Blvd, Palm Harbor Fl 34684 |
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| Fillmore Real Estate Group Commercial, 1551 Chestnut Ct W, Palm Harbor Fl 34683 |
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| Fillmore Real Estate Group, 1551 Chestnut Ct W, Palm Harbor Fl 34683 |
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| First Choice Management Corp, 4174 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| First Choice Metro Realty, 4174 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Flapr, 435 Meadow Lark Ln, Palm Harbor Fl 34683 |
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| Gene Maxon Associates, 2331 Pine Tree Ter, Palm Harbor Fl 34683 |
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| Gillott Appraisal Services Incorporated, 3136 Windmoor Dr N, Palm Harbor Fl 3468 More ... |
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| Golan Realty, 34824 Us Highway 19 N, Palm Harbor Fl 34684 |
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| Gold Key Realty, 4698 Ayron Ter, Palm Harbor Fl 34685 |
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| H & R Realty Group, 931 Spanish Oaks Blvd, Palm Harbor Fl 34683 |
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| Holmquist Property Management, Po Box 14, Palm Harbor Fl 34682 |
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| Innisbrook Real Estate Services, 36750 Us Highway 19 N, Palm Harbor Fl 34684 |
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| Invest Florida Realty, 2373 Hidden Lake Dr, Palm Harbor Fl 34683 |
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| J L S, 1410 Alt 19 Ste D, Palm Harbor Fl 34683 |
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| J T Pires, 525 Sandy Hook Rd, Palm Harbor Fl 34683 |
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| Karlander Enterprises, 4175 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Keller Williams Realty, 35095 Us Highway 19 N Ste 100, Palm Harbor Fl 34684 |
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| Land Barrister Real Estate, 3538 Glossy Ibis Ct, Palm Harbor Fl 34683 |
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| Liberty Realty, 574 Jefferson St, Palm Harbor Fl 34683 |
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| Luxury Life Realty, 30725 Us Highway 19n # 323, Palm Harbor Fl 34684 |
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| M G M Real Estate Services, 4337 Ellinwood Blvd, Palm Harbor Fl 34685 |
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| Malloy Properties, 2430 Indian Trl E, Palm Harbor Fl 34683 |
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| Maziad Properties, 4270 Cove Dr, Palm Harbor Fl 34685 |
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| Mt Realty Solutions, 2706 Alt 19 Ste 314, Palm Harbor Fl 34683 |
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| Mymlsbroker.com, 5574 Oakridge Dr, Palm Harbor Fl 34685 |
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| O'regan Realty, 3491 Woodridge Pkwy, Palm Harbor Fl 34684 |
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| Palm Life Realty, 3023 Alternate 19 N Suite 101, Palm Harbor Fl 34683 |
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| Penny Gould Realty, 780 Hickory Ln, Palm Harbor Fl 34683 |
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| Pinnacle Real Estate, 3374 Tampa Rd, Palm Harbor Fl 34684 |
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| Prime Sites Usa, Po Box 327, Palm Harbor Fl 34682 |
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| Producers Realty, 3775 Douglas Pl, Palm Harbor Fl 34683 |
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| Proluxe Real Estate Services, 21 Birdie Ln, Palm Harbor Fl 34683 |
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| Property Connection, Po Box 440, Palm Harbor Fl 34682 |
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| Prosell Real Estate Group, 1019 Ohio Ave Ste A, Palm Harbor Fl 34683 |
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| Re/max Elite Realty, 35190 Us Highway 19n, Palm Harbor Fl 34684 |
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| Re/max Realtec Group, 4175 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Realtec Business Brokers, 4175 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Realtymart, 522 Alt 19, Palm Harbor Fl 34683 |
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| Red Door Realty Of Tampa Bay, 1616 Heather Pl, Palm Harbor Fl 34684 |
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| Remax Realtec Group, 4175 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Renting Tampa Bay, Po Box 1963, Palm Harbor Fl 34682 |
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| Re\max Realtec Group, 4175 Woodlands Pkwy, Palm Harbor Fl 34685 |
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| Richard Harris & Associates, 3060 Alternate 19 North Suite B 20, Palm Harbor Fl More ... |
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| Robert A Turowski Pa, 2804 Hamlin Pl, Palm Harbor Fl 34684 |
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| Rv Points Realty, 16 Eagle Ln, Palm Harbor Fl 34683 |
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| S & D Appraisals, 1150 Tampa Rd, Palm Harbor Fl 34683 |
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| Sand Dollar Development Corporation, 22 Birdie Ln, Palm Harbor Fl 34683 |
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| Sawgrass Realty Advisors, 1524 Seagull Dr Apt 108, Palm Harbor Fl 34685 |
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| Select Real Estate Of Pinellas Countyinc, 1412 Columbia Ave, Palm Harbor Fl 3468 More ... |
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| Sell Fast Real Estate, 34931 Us Highway 19 N Ste 117, Palm Harbor Fl 34684 |
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| Sentry Realty & Property Management, 35246 Us Hwy 19n, Ste 190, Palm Harbor Fl 3 More ... |
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| Small Capp Realty, 4894 Inverness Ct Apt 104, Palm Harbor Fl 34685 |
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| Stellar Property Solutions, Po Box 440, Palm Harbor Fl 34682 |
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| Stipe Realty Group, 33920 Us Highway 19 N Ste 280, Palm Harbor Fl 34684 |
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| Strategic Land Sales, 2300 Curlew Rd Ste 201, Palm Harbor Fl 34683 |
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| Sun Custom Realty, Po Box 2237, Palm Harbor Fl 34682 |
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| Team Real Estate Services, 101 Garland Cir, Palm Harbor Fl 34683 |
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| Touris Properties, 3905 Erne St, Palm Harbor Fl 34683 |
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| Ubaldini Enterprises, 35095 Us Highway 19 N Ste 203, Palm Harbor Fl 34684 |
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| Usa Realty Group, 122 Harbor Dr, Palm Harbor Fl 34683 |
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| Van Hook Properties, 1617 Cumberland Ct E, Palm Harbor Fl 34683 |
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| Wabeek Realty, 2804 Hamlin Pl, Palm Harbor Fl 34684 |
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| Waterford Realty, 3628 Kings Rd Apt 104, Palm Harbor Fl 34685 |
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| Wikle Incorporated, 3204 Alt 19, Palm Harbor Fl 34683 |
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| Wikle Properties Management Services, 3204 Alt 19, Palm Harbor Fl 34683 |
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| Wingate & Associates Realty, 3380 Tampa Rd, Palm Harbor Fl 34684 |
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| Wyndham Property Management, 36370 Us Highway 19 N, Palm Harbor Fl 34684 |
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| Your Real Estate Company, 36109 E Lake Rd, Palm Harbor Fl 34685 |
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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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