Should You Shift Your Priorities Away from Home Ownership?
No one wants to spend good energy chasing bad stress. So why go through the trouble of pursuing home ownership in today’s market? (keep reading)
High home prices and high mortgage interest rates have pushed many potential homebuyers to the sidelines.
But people are not just sitting around sobbing. Instead, they are shifting priorities and focusing on what matters in the present. In fact, some people have found substitutes for the economic upside of home ownership.
Here are 5 reasons why it might not matter if you don’t own a home:
#5. You started investing in stocks, ETFs, mutual funds and/or cryptocurrency when you were a teenager, and your portfolio has performed very well.
#4. You’re on the lease of a beautiful, very affordable, rent-stabilized apartment in a pre-war building with large bedrooms.
#3. You have no student loans and you sublease to roommates, so you’re able to save & invest more than 75% of your paycheck.
#2. You are a high-income earner, and you’re able to save & invest more than 90% of each paycheck.
#1. You have no intentions of “settling down.”
If nothing on this list resonates with you 100%, then you’re probably not ready to give up on the goal of home ownership. And you shouldn’t give up.
Affordable home ownership is still one of the best ways to build financial stability in the long-run, regardless of what’s happening in the housing market right now.
Keep in mind that not every house and not every location will provide the same financial stability. The numbers have to make sense. For you that may mean considering a home in a suburb or in another state, or perhaps considering a condo or co-op in the city. Everyone’s situation will be unique.
So just because you have a traveling buddy who has sworn off the idea of owning a home one day (while secretly she is already on the deed to the house that her mother intends to leave to her), that doesn’t mean that you have to adopt her exact same outlook. Check your Ownerscope profile (again), and use our tools to help you crunch some numbers for your area.
Even if it requires patience and persistence, the goal of home ownership is still a smart move.