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.
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1 Stop Realty Services, 13340 W Colonial Dr Ste 210, Winter Garden Fl 34787 |
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Berger Realty & Investments, Po Box 784616, Winter Garden Fl 34778 |
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C & S Realty, 2222 Romanum Dr, Winter Garden Fl 34787 |
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Cathay Realty, 14814 Tullamore Loop, Winter Garden Fl 34787 |
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Central Florida Real Estate Agents, 709 Canopy Oaks Ct, Winter Garden Fl 34787 |
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Chase Real Estate Agency, 17365 Seidner Road, Winter Garden Fl 34787 |
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Concierge Realty, 15568 Avenue Of The Arbors, Winter Garden Fl 34787 |
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Datum Realty, 17727 Champagne Dr, Winter Garden Fl 34787 |
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Double M Group Company, 15035 Gaulberry Run, Winter Garden Fl 34787 |
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Drew Consultants, 17615 Deer Isle Cir, Winter Garden Fl 34787 |
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Dunn Realty, Po Box 771000, Winter Garden Fl 34777 |
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E-quality Realty, 927 Mcpherson Pl, Winter Garden Fl 34787 |
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Empowre Realty, 1120 Brandy Lake View Cir, Winter Garden Fl 34787 |
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Epic Real Estate Advisors, 786 Reflections Ln, Winter Garden Fl 34787 |
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Exclusive Agency, 1150 E Plant St Ste F, Winter Garden Fl 34787 |
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Floriday Properties, 32 W Plant St, Winter Garden Fl 34787 |
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Florihome Realty, 6947 Pasturelands Pl, Winter Garden Fl 34787 |
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Independence Realty Group, 7159 Wild Blackberry Trl, Winter Garden Fl 34787 |
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Independence Realty, 7115 Blue Indigo Cres Ste 101, Winter Garden Fl 34787 |
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Magnolia Investment Properties, 17501 Deer Isle Cir, Winter Garden Fl 34787 |
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Orlando's Best Real Estate, 730 Tranquil Trl, Winter Garden Fl 34787 |
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Pat Sharr Realty, 1206 Johns Cove Ln, Winter Garden Fl 34787 |
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Prestige Investments Realty, 14718 Tullamore Loop, Winter Garden Fl 34787 |
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Property Investment Specialists, 204 S Dillard St, Winter Garden Fl 34787 |
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Raymond Vincent And Associates, 12702 Dallington Ter, Winter Garden Fl 34787 |
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Real Estate Collection, Po Box 770729, Winter Garden Fl 34777 |
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Real Estate Property Management, 8100 Atlantic Puffin St, Winter Garden Fl 34787 |
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Realty & Accounting Services, 13360 W Colonial Dr Ste 440, Winter Garden Fl 3478 More ... |
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Referrals By Windsor, 160 S Main St, Winter Garden Fl 34787 |
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Royal Horizons Realty, 5144 Avalon Rd, Winter Garden Fl 34787 |
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Rt Capital Investing, 213 S Dillard St Ste 150, Winter Garden Fl 34787 |
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Sawgrass Property Management, 210 Valencia Shores Dr, Winter Garden Fl 34787 |
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Signature Lakes Realty, 7165 Ticklegrass St, Winter Garden Fl 34787 |
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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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