Arguments for, Against Homeownership

Some say buying a home is a great investment. Others say there are better investments out there. Two housing market journalists weigh the pros and cons of both renting and homeownership today.

Data journalist for Curbed Jeff Andrews says the need for shelter is most important, while senior reporter Patrick Sisson says that the arithmetic behind homeownership in the U.S. is changing, so the value of homeownership has also dwindled compared to the value of renting. Says Sisson of current market competition, "As the nation sorts itself out along economic lines, with richer migrants to big cities replacing lower income Americans moving to more affordable areas, it’s set to get worse."

The debate over the benefits of homeownership is often discussed in terms of return on investment. That’s not the right way to think about it. Shelter is a basic human need. It won’t make financial sense for everyone or in every city to buy a home, but for many, it will. If it does, you should do it because you need shelter. Anyone who has followed current events over the last two years likely has heightened awareness of the fragility of the institutions and organizing principles that afford us a level of societal stability to debate homeownership in terms of investment instead of need.

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