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.
| 1 On 1 Real Estate, 701 Promenade Dr Ste 106, Hollywood Fl 33026 |
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| 1 On 1 Realty Corp, 701 Promenade Dr Ste 106, Hollywood Fl 33026 |
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| 1st Vision Realty, 15800 Pines Blvd Ste 3042, Hollywood Fl 33027 |
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| 2% Realty Plus, 7191 Taft St, Hollywood Fl 33024 |
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| A & M Management Consultants, 603 N Federal Hwy Ste 1, Hollywood Fl 33020 |
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| A + International Realty, 10237 Bermuda Dr, Hollywood Fl 33026 |
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| A Berger Realty, 12781 Miramar Pkwy Ste 303, Hollywood Fl 33027 |
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| A N H Realty & Management Co, 1722 Sheridan St # 193, Hollywood Fl 33020 |
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| Aaa Realty Group, 1961 Nw 150th Ave Ste 105, Hollywood Fl 33028 |
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| Ab Realty, 3600 Red Rd Ste 302n, Hollywood Fl 33025 |
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| Abbotoni & Associates Real Estate, 2710 Polk St, Hollywood Fl 33020 |
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| Access Direct Realty & Investment Corp, 3653 Sw 162nd Ave, Hollywood Fl 33027 |
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| Access Prime Realty, 6138 Sw 33st, Hollywood Fl 33023 |
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| Accurate Consulting Corporation, Po Box 848120, Hollywood Fl 33084 |
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| Ace Core-group, 19979 Sw 7th Pl, Hollywood Fl 33029 |
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| Acquire Properties, 3350 3350 Sw 148 Ave Suite 110, Hollywood Fl 33027 |
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| Active Florida Realty, 1946 Tyler St, Hollywood Fl 33020 |
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| Adina Kadin Realty, 10828 Nashville Dr, Hollywood Fl 33026 |
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| Adrian Gonzalez & Associates Pa, 2040 Polk St, Hollywood Fl 33020 |
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| Advanced Research & Appraisal, 7979 Miramar Pkwy Ste B, Hollywood Fl 33023 |
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| Aio Realty & Property Management, 5790 Johnson St, Hollywood Fl 33021 |
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| Alandmiami International Realty Corp, 4313 Sw 124th Ter, Hollywood Fl 33027 |
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| All County Professional Property Management, 9900 Stirling Rd Ste 303, Hollywood More ... |
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| All Executive Realty, 9050 Pines Blvd Ste 415, Hollywood Fl 33024 |
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| Alpha One Real Estate, 650 S Federal Hwy, Hollywood Fl 33020 |
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| Alpha Realty, 3800 S Ocean Dr Ste 204, Hollywood Fl 33019 |
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| Altima Realty, 2840 Lincoln St, Hollywood Fl 33020 |
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| Alto Realty, 440 S Dixie Hwy Ste 200, Hollywood Fl 33020 |
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| Alyons Int'l Realty, 14359 Miramar Pkwy, Hollywood Fl 33027 |
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| Am David, 3521 N 30th Ter, Hollywood Fl 33021 |
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| American Coast, 11604 Palmetto Way, Hollywood Fl 33026 |
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| American Equity Realty, 3660 Washington Ln, Hollywood Fl 33026 |
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| American Homes Real Estate Inmobiliaria, 6662 Stirling Rd, Hollywood Fl 33024 |
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| American Realty Experts, 3350 Sw 148th Ave Ste 110, Hollywood Fl 33027 |
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| Americore International Realty, 3335 N University Dr Unit 1, Hollywood Fl 33024 |
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| Amerifirst Realtors Corporation, 4200 Hillcrest Dr Apt 920, Hollywood Fl 33021 |
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| Ampk Realty, 14359 Miramar Pkwy Ste 351, Hollywood Fl 33027 |
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| Apogee Realty, 1901 Harrison St Ste 201, Hollywood Fl 33020 |
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| Aquaviva Realty, 2519 Washington St, Hollywood Fl 33020 |
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| Area Realty Team, 1965 Sw 166th Ave, Hollywood Fl 33027 |
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| Arg American Realty Group, 2700 N 29th Ave Ste 106, Hollywood Fl 33020 |
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| Arinton Realty, 1000 N Hiatus Rd Ste 100, Hollywood Fl 33026 |
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| Arkay Realty, 3511 N 30th Ter, Hollywood Fl 33021 |
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| Arv Realty, 1441 Nw 153rd Ave, Hollywood Fl 33028 |
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| Asseff Realty, 3800 S Ocean Dr Ste 241, Hollywood Fl 33019 |
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| Asset Analytics, 3201 Sw 194th Ter, Hollywood Fl 33029 |
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| Assets Protection Florida, 10920 Pines Blvd, Hollywood Fl 33026 |
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| Assurance Realty, 1844 Nw 128th Ave, Hollywood Fl 33028 |
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| Atavistic Realty & Investments, 2300 Alcazar Dr, Hollywood Fl 33023 |
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| Atlantic Realty, 1400 S Ocean Dr Ste 308, Hollywood Fl 33019 |
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| Atlas Global Real Estate & Business Brokers, 450 N Park Rd Ste 801, Hollywood Fl More ... |
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| Attorneys Property Group, 3440 Hollywood Blvd Ste 450, Hollywood Fl 33021 |
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| Avandra Real Estate, 19972 Sw 5th Ct, Hollywood Fl 33029 |
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| Avanti Plus Realty, 2601 Sw 190th Ave, Hollywood Fl 33029 |
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| Aventura Brokers, 140 S Dixie Hwy # Th103, Hollywood Fl 33020 |
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| Axiom Properties, 3685 Nw 89th Ter, Hollywood Fl 33024 |
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| Barnett Real Estate Investors, 15963 Sw 7th St, Hollywood Fl 33027 |
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| Bayside Reo, 3440 Hollywood Blvd Ste 415, Hollywood Fl 33021 |
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| Bayview Realty, 1322 Madison St, Hollywood Fl 33019 |
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| Beachfront Realty, 9672 Pines Blvd, Hollywood Fl 33024 |
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| Berkman Properties, 10102 Usa Today Way, Hollywood Fl 33025 |
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| Best Buys & Rentals, 4851 Sarazen Dr, Hollywood Fl 33021 |
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| Best Deal Realty, 12781 Miramar Pkwy Ste 1-105, Hollywood Fl 33027 |
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| Best Florida Properties, Po Box 3562, Hollywood Fl 33083 |
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| Best Real Estate, 3822 N 41st Ave, Hollywood Fl 33021 |
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| Best Realty And Property Management, 3911 Hollywood Blvd Ste 105, Hollywood Fl 3 More ... |
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| Bithell-stalmach Team, 1939 Hollywood Blvd, Hollywood Fl 33020 |
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| Blattman Realty, 1502 Nw 139th Ave, Hollywood Fl 33028 |
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| Blue Sky Real Estate, Po Box 220545, Hollywood Fl 33022 |
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| Bpcm Gessner Real Estate, 6417 Dawson St, Hollywood Fl 33023 |
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| Brant Realty Corp, 3840 N 38th Ave, Hollywood Fl 33021 |
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| Braun & May Realty, 1601 N Palm Ave Ste 301, Hollywood Fl 33026 |
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| Brickstone Realty, 1779 N University Dr Ste Suite # 203, Hollywood Fl 33024 |
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| Bridge Capital Realty, 2548 Sw 85th Ter, Hollywood Fl 33025 |
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| Bridgemon International Realty, 858 S Southlake Dr, Hollywood Fl 33019 |
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| Brill Property Group, Po Box 815106, Hollywood Fl 33081 |
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| Brokerless, 11151 Minneapolis Dr, Hollywood Fl 33026 |
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| Brokers Choice Realty, 15800 Pines Blvd Ste 3034, Hollywood Fl 33027 |
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| Brondo & Associates Realty, 4000 Hollywood Blvd Ste 555s, Hollywood Fl 33021 |
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| Broward And Dade Realty, 1931 Nw 150th Ave Ste 239, Hollywood Fl 33028 |
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| Broward Executive Realty, 16367 Sw 15th St, Hollywood Fl 33027 |
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| Buy And Sell Now Realty, 450 N Park Rd Ste 303, Hollywood Fl 33021 |
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| Buy Rent Or Sell Realty, 9700 Stirling Rd Ste 108, Hollywood Fl 33024 |
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| Buy Rite Realty, 13179 Nw 18th Ct, Hollywood Fl 33028 |
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| Byo Agent Realty, 1000 N Hiatus Rd, Hollywood Fl 33026 |
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| C T Professional Realty, Po Box 813278, Hollywood Fl 33081 |
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| Camillo Real Estate, 3505 S Ocean Dr Ste Cu2a, Hollywood Fl 33019 |
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| Capital Realty Associates, 2322 Pierce St, Hollywood Fl 33020 |
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| Capital Realty Partners, 235 N University Dr Ste H, Hollywood Fl 33024 |
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| Carroll & Company, 16354 Sw 48th St, Hollywood Fl 33027 |
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| Caspi Team Realty, 15800 Pines Blvd Ste 329, Hollywood Fl 33027 |
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| Castle Mount Investments, 3389 Sheridan St # 174, Hollywood Fl 33021 |
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| Cba Realty & Management Corp, 2005 Van Buren St Ste 101, Hollywood Fl 33020 |
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| Centric Realty, 1000 N Hiatus Rd Ste 205, Hollywood Fl 33026 |
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| Century 21 Miramar Realty, 7979 Miramar Pkwy, Hollywood Fl 33023 |
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| Chamberlain Realty Group, 4225 Sw 151st Ter, Hollywood Fl 33027 |
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| Chapel Trail Realty, 2148 Nw 191st Ave, Hollywood Fl 33029 |
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| Chronos Real Estate Advisors, 9320 Nw 10th St, Hollywood Fl 33024 |
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| Circle Realty Company, 1657 Tyler St Ste 300, Hollywood Fl 33020 |
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| City First Properties, 6100 Hollywood Blvd Ste 305, Hollywood Fl 33024 |
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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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