With the housing market remaining active despite the pandemic and interest rates at historic lows, Forbes asked experts if buying a home is worth the money.
The short version of the opinions from nearly two dozen experts, from the Forbes article: “The majority (57%) said that buying a house is a good investment, while 38% said it depends on certain factors and just 5% said that buying a home is not a good investment.”
Forbes also shares that the net worth of homeowners is 40 times that of renters, and that this homeowner advantage comes not just from owning a home but from the financial mindset that helps someone buy a home.
Other key points from the article include:
- Work on your financial health before you buy a home
- Remember to plan for closing costs in addition to your down payment
- For spenders, buying a home can be a great way to force yourself to save by investing in your home
- It’s probably a good idea to hold off if you’re going to stretch your budget too much by buying, or if you move frequently
Let’s talk about homebuying!