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.
| Prime Realty, 4237 Salisbury Road North Suite 212, Jacksonville Fl 32166 |
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| 1 River City Realty, 1847 Davis Rd Ste 101, Jacksonville Fl 32218 |
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| 21st Century Realty Services, 8111 Loch Lomond Ln, Jacksonville Fl 32244 |
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| 3realty, 532 Abbotsford Ct, Jacksonville Fl 32259 |
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| 7 Star Realty, 9951 Atlantic Blvd Ste 130, Jacksonville Fl 32225 |
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| A Bonus Realty, 6850 Lone Star Rd, Jacksonville Fl 32211 |
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| A P Realty Services, 2214 Osprey Point Dr W, Jacksonville Fl 32224 |
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| A1a North Florida Properties, 4647 Hartman Rd, Jacksonville Fl 32225 |
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| Aa Service1 Corp, Po Box 57896, Jacksonville Fl 32241 |
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| Above And Beyond Realty, Po Box 61604, Jacksonville Fl 32236 |
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| Accent Properties, 12322 Sarah Towers Ln S, Jacksonville Fl 32225 |
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| Accord Realty Group, 200 W Forsyth St Ste 400-b, Jacksonville Fl 32202 |
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| Acp Realty, 13823 Devan Lee Dr E, Jacksonville Fl 32226 |
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| Active Agent Referral Realty, Po Box 550886, Jacksonville Fl 32255 |
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| Addison Commercial Real Estate, 7899 Baymeadows Way Ste 100, Jacksonville Fl 322 More ... |
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| Adkins Realty Corp, 4575 Saint Johns Ave Ste 1a, Jacksonville Fl 32210 |
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| Advantage First Coast Realty, Po Box 40242, Jacksonville Fl 32203 |
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| Advantage One Realty Of Florida, 13800 Deer Chase Pl, Jacksonville Fl 32224 |
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| Aegis Commercial Real Estate, 6478 Yellow Leaf Ct, Jacksonville Fl 32258 |
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| Aim Realty Of Jacksonville, 9027 Hampton Landing Dr E, Jacksonville Fl 32256 |
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| Akel Commercial Properties, 2950 Halcyon Ln Ste 205, Jacksonville Fl 32223 |
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| Akins Professional Brokerage, 12682 Julington Oaks Dr, Jacksonville Fl 32223 |
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| Alfa Realtors Corp, 1605 King St, Jacksonville Fl 32204 |
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| All County Complete Property Management, 2120 Corp Sq Blvd Ste 18, Jacksonville More ... |
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| All Real Estate Options, 3030 Hartley Rd Ste 270, Jacksonville Fl 32257 |
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| All Real Estate Pro Corporation, 6672 Banbury Rd, Jacksonville Fl 32211 |
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| All Realty Rental Management, 3948 Sunbeam Rd Ste 8, Jacksonville Fl 32257 |
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| Allay Realty, 4027 Alesbury Dr, Jacksonville Fl 32224 |
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| Allen Builders, 1304 Alvis Rd, Jacksonville Fl 32220 |
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| Allen Cornerstone Realty, 12276 San Jose Blvd Ste 301, Jacksonville Fl 32223 |
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| Allen Land Group, 7220 Financial Way Ste 400, Jacksonville Fl 32256 |
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| Allen Morris Company, 7825 Baymeadows Way, Jacksonville Fl 32256 |
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| Alpha Real Estate, Po Box 2127, Jacksonville Fl 32203 |
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| American Homes 4 Rent, 4651 Salisbury Rd Ste 170, Jacksonville Fl 32256 |
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| American Realty & Management Of Jacksonville, 310 W 8th St, Jacksonville Fl 3220 More ... |
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| Anderson Moore, 126 W Adams St Ste 504, Jacksonville Fl 32202 |
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| Annalyece Realty, 3277 Lannie Rd, Jacksonville Fl 32218 |
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| Apartment & Condo Selector, 9424 Baymeadows Rd Ste 150, Jacksonville Fl 32256 |
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| Apartment Shop, 138 Bedstone Dr, Jacksonville Fl 32259 |
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| Apecs Home Solutions, 6817 Southpoint Pkwy Unit 2304, Jacksonville Fl 32216 |
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| Assign Realty, 2375 St Jns Blf Rd S Ste 103, Jacksonville Fl 32246 |
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| Assist 2 Sell Full Service Realty, 100 State Road 13 Unit D, Jacksonville Fl 322 More ... |
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| Assist 2 Sell Middlekauff Realty, 2415 Blanding Blvd Ste 9, Jacksonville Fl 3221 More ... |
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| Atkinson Realty Group, 1596 Lancaster Ter, Jacksonville Fl 32204 |
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| Atlantic Coast Brokers, 6944 Saint Augustine Rd, Jacksonville Fl 32217 |
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| Atlantic Commercial Properties, 8761 Perimetr Pk Blvd Ste 200, Jacksonville Fl 3 More ... |
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| Atlantic Interests, 7815 Mc Laurin Rd N, Jacksonville Fl 32256 |
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| Available Real Estate Company, 6278 Dupont Station Ct E Ste 1, Jacksonville Fl 3 More ... |
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| Avison Young, 12724 Gran Bay Pkwy W Ste 140, Jacksonville Fl 32258 |
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| Baker Realty, 14610 Breakers Dr, Jacksonville Fl 32258 |
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| Barnes Property Management Company, 4991 Soutel Dr, Jacksonville Fl 32208 |
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| Bartram Realty, 1633 Race Track Rd Ste 104, Jacksonville Fl 32259 |
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| Bass Professional Realty, 4360 Turner Ave, Jacksonville Fl 32207 |
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| Beacon Realty Services, 2970 Saint Johns Ave Ste 9a, Jacksonville Fl 32205 |
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| Beckwith & Co, 10302 Dwd Pk Blvd Ste 150, Jacksonville Fl 32256 |
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| Bees Realty Of Jax, 11430 Quailhollow Dr Ste 100, Jacksonville Fl 32218 |
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| Belle Epoque Realty Services, 224 E 4th St, Jacksonville Fl 32206 |
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| Benchmark Asset Services, 4348 Southpoint Blvd Ste 310, Jacksonville Fl 32216 |
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| Benchmark Brokers, 11516 San Jose Blvd, Jacksonville Fl 32223 |
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| Benjamin T Green Realty, 7530 103rd St Ste 7, Jacksonville Fl 32210 |
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| Berkshire Hathaway Homeservices Florida Network Realty, 4190 Belfort Rd Ste 475, More ... |
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| Berkshire Hathaway Homeservices Florida Network Realty, 11576 San Jose Blvd, Jac More ... |
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| Berkshire Hathaway Homeservices Florida Network Realty, 3627 Saint Johns Ave, Ja More ... |
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| Berkshire Hathaway Homeservices Florida Network Realty Referral, 11576a San Jose More ... |
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| Betz Realty, 7137 Fitzpatrick Ln, Jacksonville Fl 32226 |
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| Bisbee Baldwin Realty Co, 341 W Forsyth St, Jacksonville Fl 32202 |
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| Bkm Properties, 8198 Sabal Oak Way, Jacksonville Fl 32256 |
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| Blackstone Real Estate, 12620 3 Beach Blvd Suite 204, Jacksonville Fl 32246 |
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| Bloom Realty, 3675 Riverside Ave, Jacksonville Fl 32205 |
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| Blue Key Properties, 2887 Lake Vista Rd, Jacksonville Fl 32223 |
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| Bmlr Properties, 4250 Lakeside Dr Ste 212, Jacksonville Fl 32210 |
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| Bonelli Roadruck Associates, 12887 Plummer Grant Rd, Jacksonville Fl 32258 |
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| Brenda Miller Group, Po Box 28069, Jacksonville Fl 32226 |
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| Buck & Buck, 9137 Merrill Rd, Jacksonville Fl 32225 |
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| Burbridge Realty Co, 245 Adams St., Jacksonville Fl 32202 |
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| Burns Investment Realty, 2822 Herschel St, Jacksonville Fl 32205 |
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| Business Valuation, 4417 Beach Blvd Ste 302, Jacksonville Fl 32207 |
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| Buyers Agent Realty Of Jax, 520 Golden Pond Ct, Jacksonville Fl 32259 |
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| Buyers Broker Realty Of Jacksonville, 11792 Woodside Ln, Jacksonville Fl 32223 |
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| C Group Realty, Po Box 442315, Jacksonville Fl 32222 |
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| C Morgan Johnson Properties, 7610 Putters Cove Dr, Jacksonville Fl 32256 |
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| Calex Realty Group, 3030 Hartley Rd Ste 320, Jacksonville Fl 32257 |
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| Callahan Group, 7746 Deerwood Point Pl, Jacksonville Fl 32256 |
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| Cantrell & Morgan, 200 W Forsyth St Ste 400, Jacksonville Fl 32202 |
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| Cantrell Real Estate, 200 W Forsyth St Ste 400, Jacksonville Fl 32202 |
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| Cap Realty Group, 5620 La Moya Ave, Jacksonville Fl 32210 |
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| Capstone Residential, 9191 R G Skinner Pkwy Ste 501, Jacksonville Fl 32256 |
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| Carbon Real Estate And Mortgage, 5527 Oliver Creek Dr, Jacksonville Fl 32258 |
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| Carol Paulk Realty, 3742 Bessent Rd, Jacksonville Fl 32218 |
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| Castlerock Realty, 3625 Hendricks Ave, Jacksonville Fl 32207 |
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| Cbre, 225 Water St Ste 110, Jacksonville Fl 32202 |
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| Ccin Real Estate Services, 304 S Bartram Trl, Jacksonville Fl 32259 |
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| Century 21 Atkins Realty, 11516 San Jose Blvd, Jacksonville Fl 32223 |
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| Century 21 Lighthouse Realty, 4455- 100 Bayeadows Rd Ste 104, Jacksonville Fl 32 More ... |
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| Century 21 Realty Pros, 9471 Baymeadows Rd Ste 308, Jacksonville Fl 32256 |
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| Charlene Diamond Realty, 402 Jax Estates Dr N, Jacksonville Fl 32218 |
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| Charles Skinner Company, 10175 Fortune Pkwy Ste 703, Jacksonville Fl 32256 |
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| Cheningham Realty, 10365 Hood Rd S Ste 202, Jacksonville Fl 32257 |
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| Childers Commercial Properties, 4446 Hendricks Ave Ste 402 # 1a, Jacksonville Fl More ... |
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| Cii Group, 9770 Old Baymeadows Rd Ste 103, Jacksonville Fl 32256 |
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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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