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 Riverside, 7282 Horizon Dr, West Palm Beach Fl 33412 |
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| 1st Choice Realty, 280 Berenger Walk, West Palm Beach Fl 33414 |
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| 1st Millenium Realty, 2489 Westmont Ln, West Palm Beach Fl 33411 |
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| 1st Source Properties, 3481 Briar Bay Blvd Apt 103, West Palm Beach Fl 33411 |
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| 32 West Realty, Po Box 6065, West Palm Beach Fl 33405 |
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| 5 Star Real Estate, 1308 Thornridge Ln, West Palm Beach Fl 33411 |
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| A New Start Realty, Po Box 18541, West Palm Beach Fl 33416 |
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| A O Realty, 12773 Forest Hill Blvd Ste 107, West Palm Beach Fl 33414 |
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| A P B, 2979 Pga Blvd Ste 201, West Palm Beach Fl 33410 |
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| A Perfect Location, 1432 10th St, West Palm Beach Fl 33403 |
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| Aaa International Realtors, 9858 Scribner Ln, West Palm Beach Fl 33414 |
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| Aaron Group Realty, 2655 Norh Ocean Drive Suite 130, West Palm Beach Fl 33404 |
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| Access 5 Realty, 549 Grand Banks Rd, West Palm Beach Fl 33410 |
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| Accurate Properties, Po Box 1643, West Palm Beach Fl 33402 |
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| Acquired Realty & Investments, 11337 Okeechobee Blvd Unit A, West Palm Beach Fl More ... |
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| Active Agents Realty, 13485 Miles Standish Prt, West Palm Beach Fl 33410 |
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| Affluent Group, 3600 Palm Dr, West Palm Beach Fl 33404 |
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| Agate Realty, Po Box 210393, West Palm Beach Fl 33421 |
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| Aj Real Estate Investment Group, 119 Lake Paula Dr, West Palm Beach Fl 33411 |
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| Al Coker & Associates, 550 Okeechobee Blvd Ste 120, West Palm Beach Fl 33401 |
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| Alanti, 12161 Ken Adams Way Ste 178, West Palm Beach Fl 33414 |
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| All County Elite Property Management, 5725 Corporate Way Ste 205, West Palm Beac More ... |
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| Alliance Realty Group Of The Palm Beaches, 2878 Bellarosa Cir, West Palm Beach F More ... |
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| Allied Property Management Group, 1711 Worthington Rd Ste 103, West Palm Beach F More ... |
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| Alton Realty, 3955 Florida Blvd, West Palm Beach Fl 33410 |
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| Ambassador Realty Corp, 2170 Regents Blvd, West Palm Beach Fl 33409 |
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| America's Choice Of Florida, 2215 N Military Trl, West Palm Beach Fl 33409 |
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| American Commercial Realty Corp, 300 Ave Champions Ste 140, West Palm Beach Fl 3 More ... |
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| Americas Saving Plan, 5790 Gun Club Rd, West Palm Beach Fl 33415 |
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| Ameron Realty, 1220 Snowbell Pl, West Palm Beach Fl 33414 |
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| Anchor Realty Investments, Po Box 30724, West Palm Beach Fl 33420 |
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| Anderson & Carr, 521 S Olive Ave, West Palm Beach Fl 33401 |
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| Andrea Lawrence Realty, 1489 N Military Trl Ste 113, West Palm Beach Fl 33409 |
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| Apex Realty Group, 15171 77th Trl N, West Palm Beach Fl 33418 |
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| Apogee Elite Realty, 4440 Pga Blvd Ste 600, West Palm Beach Fl 33410 |
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| Aqua Realty & Investments, 7800 S Dixie Hwy, West Palm Beach Fl 33405 |
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| Arg, 4524 Gun Club Rd Ste 209, West Palm Beach Fl 33415 |
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| Ariella Investments, 6386 Crown Island Cv, West Palm Beach Fl 33411 |
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| Asset Specialists, 3710 Buckeye St Ste 100, West Palm Beach Fl 33410 |
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| Atlantic Business Realty, 13206 Quiet Woods Rd Ste B, West Palm Beach Fl 33414 |
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| Atlantic Land Realty, 360 Columbia Dr Ste 102, West Palm Beach Fl 33409 |
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| Atlantic Life Realty, 12161 Ken Adams Way Ste 110s, West Palm Beach Fl 33414 |
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| Atlantic Realty Associates, 112 Sarona Cir, West Palm Beach Fl 33411 |
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| Atlantic Western Realty Corp, 3500 Fairlane Farms Rd Ste 9, West Palm Beach Fl 3 More ... |
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| Aurum Property Partners, 319 Clematis St Ste 109, West Palm Beach Fl 33401 |
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| Avison Young, 312 Clematis St Ste 500, West Palm Beach Fl 33401 |
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| Bainbridge Group, 12765 Frst Blvd Ste 1307, West Palm Beach Fl 33414 |
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| Bainbridge Management Group, 12765 Frst Blvd Ste 1307, West Palm Beach Fl 33414 |
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| Ball Group, 2845 Hancock Creek Rd, West Palm Beach Fl 33411 |
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| Ballenisles Realty, 3920 Rca Blvd Ste 2002, West Palm Beach Fl 33410 |
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| Bank Plus Realty, 3064 Santa Margarita Rd, West Palm Beach Fl 33411 |
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| Barnes, 222 Santa Lucia Dr, West Palm Beach Fl 33405 |
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| Beach Head Services, 3400 N Ocean Dr Unit 2008, West Palm Beach Fl 33404 |
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| Bears Club Sothebys International Realty, 11601 Kew Gardens Ave Ste 101, West Pa More ... |
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| Bella Collina Real Estate Company, 550 South Flager Dr Suite 900, West Palm Beac More ... |
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| Benjamin Macfarland Company, 424 Park Pl, West Palm Beach Fl 33401 |
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| Berkner Realty, 115 Via Mariposa, West Palm Beach Fl 33418 |
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| Berman Realty Enterprises, Po Box 30128, West Palm Beach Fl 33420 |
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| Bernstein Realty Group, 802 Montclaire Ct, West Palm Beach Fl 33411 |
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| Besdine And Grean Condo Management, 710 Executive Center Dr, West Palm Beach Fl More ... |
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| Biltmoor Group, 4521 Pga Blvd Ste 396, West Palm Beach Fl 33418 |
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| Bitrealty, 241 Malverne Rd, West Palm Beach Fl 33405 |
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| Blackstone International Realty, 550 Okeechobee Blvd Unit 526, West Palm Beach F More ... |
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| Bleu Palms Real Estate, 1333 Sailboat Cir, West Palm Beach Fl 33414 |
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| Blue Ibis Home Rentals, 4065 N Haverhill Rd Ste B4, West Palm Beach Fl 33417 |
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| Blue Orleans Holdings, 11737 Riverchase Run, West Palm Beach Fl 33412 |
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| Blue To Green Realty, 5600 N Flagler Dr Unit 2805, West Palm Beach Fl 33407 |
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| Blue Water Realty Group, 4880 Donald Ross Rd Ste 105, West Palm Beach Fl 33418 |
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| Boardwalk Realty Team, 2078 Sunderland Ave, West Palm Beach Fl 33414 |
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| Bodis Referrals, 12769 Forest Hill Blvd # 1a, West Palm Beach Fl 33414 |
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| Bowen Realty, 12769 Forest Hill Blvd # 1a, West Palm Beach Fl 33414 |
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| Boyd Schmidt & Brannum, 2711 Poinsettia Ave, West Palm Beach Fl 33407 |
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| Brock Development Corp, 4650 Donald Ross Rd Ste 200, West Palm Beach Fl 33418 |
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| Browning Realty, 12230 Forest Hill Blvd, West Palm Beach Fl 33414 |
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| Browning Referral Network, 2562 Players Ct, West Palm Beach Fl 33414 |
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| Brp Realty, Po Box 30635, West Palm Beach Fl 33420 |
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| Buccaneer, Po Box 220716, West Palm Beach Fl 33422 |
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| Buccaneer The Good Pirates Realty.com, Po Box 220716, West Palm Beach Fl 33422 |
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| Building Solutions L L C, 314 Clematis St Ste 201, West Palm Beach Fl 33401 |
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| Buy Realty, 500 S Australian Ave Ste 600, West Palm Beach Fl 33401 |
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| Buyers Realty & Investment, 580 Village Blvd Ste 150, West Palm Beach Fl 33409 |
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| Buyers Realty & Investment Services, 6101 S Flagler Dr, West Palm Beach Fl 33405 |
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| Bwg Realty, 4081 Hood Rd, West Palm Beach Fl 33410 |
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| By Referral Realty, 9558 Osprey Isles Blvd, West Palm Beach Fl 33412 |
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| C H Advisors, 7715 Maywood Crest Dr, West Palm Beach Fl 33412 |
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| C H Frog Real Estate And Management Co, 37 Saint James Dr, West Palm Beach Fl 33 More ... |
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| Calidus Realty, 400 N Congress Ave Ste 100, West Palm Beach Fl 33401 |
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| Canterbury Woods Commercial Group, 8233 Gator Ln Ste 13, West Palm Beach Fl 3341 More ... |
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| Capital Investments Real Estate Corp, 212 Lone Pine Dr, West Palm Beach Fl 33410 |
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| Capital Realty Advisors, 600 Sandtree Dr Ste 109, West Palm Beach Fl 33403 |
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| Capital Realty Residential, 600 Sandtree Dr Ste 109, West Palm Beach Fl 33403 |
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| Carmac Realty, 5730 Corporate Way Ste 214, West Palm Beach Fl 33407 |
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| Carswell Real Estate Group, 4440 Pga Blvd Ste 308, West Palm Beach Fl 33410 |
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| Cartier Realty, 4500 Belvedere Rd, West Palm Beach Fl 33415 |
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| Casamerica Real Estate, 2174 Jog Rd, West Palm Beach Fl 33415 |
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| Catalyst Business Brokers, 15465 Take Off Pl, West Palm Beach Fl 33414 |
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| Century 21 Wc Realty, 12794 Forest Hill Blvd Ste 29, West Palm Beach Fl 33414 |
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| Century Village Real Estate, 82 Stratford F, West Palm Beach Fl 33417 |
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| Cfs Realty Group, 402 Fonseca Way, West Palm Beach Fl 33410 |
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| Champion Realtors, 11440 Okeechobee Blvd Ste 205, West Palm Beach Fl 33411 |
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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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