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.
| Adobe Realty, 426 E Venice Ave, Venice Fl 34285 |
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| All Seasons Management, 4433 Corso Venetia Blvd Unit C, Venice Fl 34293 |
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| American Eagle Realty, 767 Shamrock Blvd, Venice Fl 34293 |
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| American Realty Of Venice, 700 W Venice Ave, Venice Fl 34285 |
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| Bird Bay Realty, 730 Us Highway 41 Byp N Ste A, Venice Fl 34285 |
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| Broker Nation, 551 Oxford Dr, Venice Fl 34293 |
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| Century 21 C & L Real Estate, 1978 Tamiami Trl S Unit 1, Venice Fl 34293 |
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| Coast To Coast Realty Professionals, 1840 Raintree Ln, Venice Fl 34293 |
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| Compass Property Management, 246 Tampa Ave W, Venice Fl 34285 |
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| Connections Real Estate Referrals, 185 King Palm Ct, Venice Fl 34292 |
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| Cordell Realty Group, 1000 San Lino Cir Unit 1032, Venice Fl 34292 |
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| Country Club Estates Sales, 700 N Waterway, Venice Fl 34285 |
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| Cross Border Realty, 141 Pond Cypress Rd Unit 2, Venice Fl 34292 |
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| De Vargas Group, 2124 Mattamy Ct, Venice Fl 34292 |
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| Equity Investment Properties, 1601 Pine Lake Dr, Venice Fl 34285 |
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| Excellent Choice Realty, 248 Cornell Rd, Venice Fl 34293 |
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| Exit King Realty, 1804 Tamiami Trl S, Venice Fl 34293 |
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| Florida Real Estate Pros, 1058 E Venice Ave, Venice Fl 34285 |
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| Florida Sun & Sand Realty, 176 N Jackson Rd, Venice Fl 34292 |
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| Forbes Real Estate Services, 1804 Tamiami Trl S, Venice Fl 34293 |
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| Gulf Coast Property Management Group, 4195 Tamiami Trl S, Venice Fl 34293 |
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| Gulf Coast Realty Team, 1100 Tamiami Trl S, Venice Fl 34285 |
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| Gulf Coast Rentals & Real Estate Company, 745 Shamrock Blvd Ste C, Venice Fl 342 More ... |
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| Gulf Shores Realty, 211 Tamiami Trl S, Venice Fl 34285 |
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| Hackworth Realty Group, 351 W Venice Ave, Venice Fl 34285 |
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| Hackworth Referral Realty, 351 W Venice Ave, Venice Fl 34285 |
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| Hallmark Business Brokers, Po Box 1941, Venice Fl 34284 |
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| Harbor Lights Cooperative, 617 Tamiami Trl S, Venice Fl 34285 |
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| Home & Condo Rentals And Property Mgmt, 704 W Venice Ave, Venice Fl 34285 |
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| Horse And Chaise Rentals & Property Mgmt, 150 Nokomis Ave N, Venice Fl 34285 |
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| Investment Realty Of West Florida, 900 Lemon Bay Dr, Venice Fl 34293 |
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| Japanese Gardens Realty, 6181 Teahouse Rd, Venice Fl 34293 |
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| Jeannine B Gonsalves Realty Group, 280 Miami Ave W, Venice Fl 34285 |
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| Keller Williams Island Life Real Estate, 206 Harbor Dr S, Venice Fl 34285 |
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| Keys Caldwell, 1162 Indian Hills Blvd, Venice Fl 34293 |
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| King Real Estate Services, 1804 Tamiami Trl S, Venice Fl 34293 |
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| Laura B Kopple, 4343 Tamiami Trl S, Venice Fl 34293 |
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| Linda Mccollum & Associates, 305 Bayshore Dr, Venice Fl 34285 |
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| Medway Realty, 4121 Tamiami Trl S, Venice Fl 34293 |
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| Myrtle Trace Realty, 1531 Tamiami Trl S, Venice Fl 34285 |
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| Norman Marcus Realty, 3257 Meadow Run Dr, Venice Fl 34293 |
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| Obendorf & Company, 1343 Brookside Dr, Venice Fl 34285 |
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| Orlando Realty Partners, 19655 Ortona St, Venice Fl 34293 |
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| Oza Realty, 1740 E Venice Ave Ste 5, Venice Fl 34292 |
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| Paradise Realty Management, 206 Harbor Dr S # C, Venice Fl 34285 |
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| Paradise Realty Of Venice, 206 Harbor Dr S, Venice Fl 34285 |
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| Paulyn Realty & Development Corp, 710 Commerce Dr Unit 107, Venice Fl 34292 |
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| Pointe Of Palms Real Estate, 230 S Tamiami Trail Suite 3b, Venice Fl 34285 |
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| Preferred Properties Of Venice, 325 W Venice Ave, Venice Fl 34285 |
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| Previews Realty, 266 Tamiami Trl S, Venice Fl 34285 |
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| Pro Group Realty And Property Management, 333 Tamiami Trl S Ste 205, Venice Fl 3 More ... |
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| Property Company, 1500 Horizon Rd, Venice Fl 34293 |
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| Quality International Real Estate, 4433 Corso Venetia Blvd Unit C, Venice Fl 342 More ... |
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| Re/max Palm Realty, 2095 Tamiami Trl S, Venice Fl 34293 |
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| Realty Options Of Sw Florida, 2159 Tamiami Trl S, Venice Fl 34293 |
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| Referral Network Of Sarasota, 1225 Us 41 Bypass South, Venice Fl 34285 |
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| Rental Company Of Venice, 236 Tampa Ave W, Venice Fl 34285 |
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| Results Realty Group, 101 Capri Isles Blvd Ste 2, Venice Fl 34292 |
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| Sarasota Realty Quest, 1207 Cypress Ave, Venice Fl 34285 |
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| Siesta Property Management, 2675 Valencia Rd, Venice Fl 34293 |
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| Smart Moves Real Estate, 1532 Us Highway 41 Byp S, Venice Fl 34293 |
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| Southbay Realty, 1225 Us 41 Bypass S, Venice Fl 34285 |
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| Southwest Florida Associates, 3600 William Penn Way, Venice Fl 34293 |
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| Sterling Crest Realty, 2100 Tamiami Trl S Ste C, Venice Fl 34293 |
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| Stetson Properties, 242 Tampa Ave W, Venice Fl 34285 |
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| Sunacre Corp, 1730 Hidden Pines Way., Venice Fl 34284 |
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| Sunburst Real Estate Group, Po Box 2092, Venice Fl 34284 |
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| Suncoast Isles Realty, 1191 Juanita Cir, Venice Fl 34285 |
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| Sunkissed Realty, 404 Baynard Dr, Venice Fl 34285 |
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| Sunray Realty, 1022 Macon Rd, Venice Fl 34293 |
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| Thomas Milric Realty, 333 Tamiami Trl S Ste 283, Venice Fl 34285 |
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| Trans Equity, 3124 Argyle Rd, Venice Fl 34293 |
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| Vadim Realty, 548 Urbana Rd, Venice Fl 34293 |
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| Venice Hometown Realty, 212 Palermo Pl, Venice Fl 34285 |
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| Venice Isle Real Estate Sales, 603 Roma Rd, Venice Fl 34285 |
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| Venice Real Estate Company, 1058 E Venice Ave, Venice Fl 34285 |
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| Venice Rentals & Sales, 4147 Hibiscus Rd, Venice Fl 34293 |
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| Wayne Russell Group, 327 Otter Creek Dr, Venice Fl 34292 |
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| West Coast Realty Of Venice, 240 Tampa Ave W, Venice Fl 34285 |
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| West Coast Realty Of Venice Referral Division, 240 Tampa Ave W, Venice Fl 34285 |
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| West Villages Realty, 20200 Tesoro Dr, Venice Fl 34293 |
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| Wheeler Real Estate, 351 W Venice Ave, Venice Fl 34285 |
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| White Sands Paradise Realty, 1704 Sandy Ct, Venice Fl 34293 |
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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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