Given the economy and interest rates, homebuying doesn't seem like it’s necessarily the way to go anymore. So consider this not your parents’ real estate advice. If you have a question about a story that matters to your life, give us a call at 1-800-618-8545. This episode was produced by Hady Mawajdeh and Carla Javier. It was edited by Miranda Kennedy, fact checked by Melissa Hirsch, engineered by Andrea Kristinsdottir and hosted by Jonquilyn Hill. Photo by PATRICK T. FALLON/AFP via Getty Images. Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Hey, I'm Jonquan Hill and this is Explain It To Me, the show where you call 1-800-618-8545 and we find the answers to the questions that matter most to you. Miranda Hales from the Twin Cities and called in with a question that's on more than a few people's minds.
Is it worth it to buy a house? I think that's always been the go to investment for like past generations of like you buy a house and that's kind of your retirement plan. And that just doesn't seem realistic or even attainable to buy a house. So it's like, should I even try to do it? Is that something I should do?
This is a question I've wondered about, too. OK, I'm going to be honest. I love to scroll through real estate websites. But should we be buying homes? Given the economy and the interest rates, it can often feel like a fantasy. The market is just so much more different than it was when our parents were looking for starter homes. Is this really where our money should be going?
To get an answer, I called up James Rodriguez, senior real estate reporter at Business Insider. Do you ever just like scroll through Zillow dreaming of what it would be like to own your own home or am I telling on myself?
Not at all. I do that all the time.
So the conventional wisdom is that buying a home is the way to build wealth in here in America. Is that true? Has that ever been true?
Definitely with past generations, and I think especially has this hold on people today when they've seen, especially baby boomers who may have bought homes decades ago and have reaped all the rewards from this really crazy moment in the housing market where prices jumped so substantially during the pandemic.
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