“Is it worth it?” That’s an age-old question for people considering buying a home, particularly potential first-time buyers. Historically, the general answer has been “yes” — purchasing a home allows you to make a financial investment in your future that renting does not.
However, the COVID-19 pandemic has complicated matters. Due to increased economic uncertainty, buying a home can look like a very daunting prospect. That said, the answer to the age-old question still appears to be “yes,” at least according to industry experts.
Forbes surveyed more than 20 financial and real estate professionals toward the end of 2020, and 57% said buying a home remains a good investment. Another 38% said it depends on individual factors, while only 5% said it’s not a good investment.
Part of the reason for optimism likely stems from the fact that real estate has performed surprisingly well in the face of the pandemic. If the market can survive 2020, that bodes well for its future outlook — and for many, purchasing a home will remain a sound investment.
The housing market is white hot—and neither a pandemic nor rising home prices can put out the flames. Mortgage applications to purchase a home have steadily increased year-over-year since May as real estate continues to get more expensive across the country ... Here’s the big question, though: Are Americans foolish for chasing the dream of homeownership—in a shaky economy and pricey market—or is buying a house a good long-term investment?