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 Present Realty Group, Po Box 1407, Hallandale Fl 33008 |
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| Azora Realty, 1920 E Hnd Bch Blvd Ph 4, Hallandale Fl 33009 |
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| Beach Brokers Realty, 2080 S Ocean Dr Ste 101, Hallandale Fl 33009 |
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| Benchmark Realty Corp, 213 N Federal Hwy Ste 8, Hallandale Fl 33009 |
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| Capital Group Realty 2004, 3001 W Hlnd Bch Blvd Ste 313, Hallandale Fl 33009 |
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| Cn Group Realty Corp, 1849 S Ocean Dr Apt 214, Hallandale Fl 33009 |
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| Core Real Estate Services, 134 S Dixie Hwy, Hallandale Fl 33009 |
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| Deco Realty, 134 S Dixie Hwy, Hallandale Fl 33009 |
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| Duo Global Real Estate Group, 134 S Dixie Hwy Ste 215, Hallandale Fl 33009 |
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| Elita International Group, 1800 S Ocean Dr Apt 1402, Hallandale Fl 33009 |
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| Elita Realty, 1800 S Ocean Dr Apt 1402, Hallandale Fl 33009 |
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| First Associates Realty Corp, 3001 W Hlnd Bch Blvd Ste 300, Hallandale Fl 33009 |
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| Gba Properties, 26 Diplomat Pkwy, Hallandale Fl 33009 |
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| Halprin Realty, 1980 S Ocean Dr, Hallandale Fl 33009 |
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| House America Realty, 3180 S Ocean Dr Apt 1420, Hallandale Fl 33009 |
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| Infinity Commercial Real Estate, Po Box 3657, Hallandale Fl 33008 |
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| Isram Realty And Management, 506 S Dixie Hwy, Hallandale Fl 33009 |
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| Lawyers Realty & Auctions, 1835 E Hnd Bch Blvd # 117, Hallandale Fl 33009 |
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| Lidjan Realty, 1835 E Hnd Bch Blvd Unit 579, Hallandale Fl 33009 |
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| Michael Morse Pa, 900 N Federal Hwy Ste 206, Hallandale Fl 33009 |
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| Moni Realty, 2500 E Hallandale Blvd Ste 407, Hallandale Fl 33009 |
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| Monolith Real Estate, 1001 N Federal Hwy Ste 303, Hallandale Fl 33009 |
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| Morano Realty, Po Box 7, Hallandale Fl 33008 |
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| Niv Global Re, 2500 Parkview Dr Apt 1714, Hallandale Fl 33009 |
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| Prestige Realty, Po Box 2914, Hallandale Fl 33008 |
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| R.e.l Partners, 3001 W Hlnd Bch Blvd Ste 315, Hallandale Fl 33009 |
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| Renter's Paradise Realty, 2100 E Hnd Bch Blvd Ste 103a, Hallandale Fl 33009 |
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| Royal Estates Realty, 3001 W Hlnd Bch Blvd Ste 315, Hallandale Fl 33009 |
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| Royal Meridian Realty, 2500 E Hnd Bch Blvd Ste 709, Hallandale Fl 33009 |
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| Seaside International Realty, 1950 S Ocean Dr # Gl-4, Hallandale Fl 33009 |
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| Shefa Consulting, 1000 E Hnd Bch Blvd # B13, Hallandale Fl 33009 |
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| Smk Realty & Investments, 605 N Dixie Hwy, Hallandale Fl 33009 |
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| South Florida Pro Realty, 1001 N Federal Hwy Ste 326, Hallandale Fl 33009 |
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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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