clock menu more-arrow no yes

Filed under:

Should you buy a home in 2020?

It depends on where—and how—you live 

Ah, the murky waters of buying real estate. Should you save for the dream neighborhood or settle for a longer commute? Wait until prices go down or that much-needed housing development goes up? Is owning a home still a smart way to build wealth, or are we better off as renters? And one of the hardest questions to face: Will you be buying into a system that perpetuates wealth at the expense of those who have less of it?

We asked housing experts around the country whether or not to buy a home this year, and—spoiler!—the answer is more complex than ever. (Scroll down to get specifics on your city.)

Beyond the challenges of timing the market—something financial experts say is well-nigh impossible—homebuyers in 2020 face new obstacles. Post-recession concerns over subprime mortgages and foreclosures have been replaced by a fresh set of worries: about displacement, climate change, a looming election, whether the market has peaked, and, most recently, novel coronavirus.

Of course, interest rates are at a record low, a point real estate agents won’t let you forget. But though borrowing money is cheap, in majority-renter cities like New York, Boston, and even Austin, stagnant incomes and a shortage of housing stock have pushed home values beyond the reach of potential homeowners. In San Francisco, “only the rich and elite can afford to buy,” says Jon Jacobo, vice president of the Calle 24 Latino Cultural District. This may not be the year to buy as much as it’s the year to campaign for transit-accessible, affordable housing at the ballot box.

In places like Chicago and Detroit, homeownership offers a different potential, especially for nonwhite residents. “Only increased ownership by black Detroiters can counter gentrification with self-determination,” Monique Becker, manager at the nonprofit Building Community Value, tells Curbed Detroit.

As the possibility—or impossibility—of buying plays out in neighborhoods from Atlanta to Los Angeles, it’s clear that the conversation has shifted nationwide. Homebuying in 2020 is no longer just about making a sound investment; increasingly, it’s about the right way to put down roots. —Megan Barber


Homeownership has, for the past century at least, come to be equated with the American dream. It means finding a space to call your own and a place to belong. It’s about being part of a community and a neighborhood. It’s having shelter and stability—or is it? Here, a more nuanced look at what it’s like to own a home today. Keep reading →








Winnie Au


Credits

Editorial lead: Megan Barber
Writers: Tom Acitelli, Megan Barber, Diana Budds, Jenna Chandler, Sara Freund, Josh Green, Brock Keeling, Aaron Mondry, Amy Plitt, Cindy Widner
Editors: Megan Barber, Mercedes Kraus, Sara Polsky, Alissa Walker
Project management: Nina Pearlman
Art direction: Alyssa Nassner
Photo direction: Audrey Levine
Copy editing: Emma Alpern
Engagement: Jessica Gatdula, Stephanie Griffin, Sharell Jeffrey

First-Time Homebuying

How to scour the internet to learn about your prospective home

First-Time Homebuying

How to buy a home when you still have student loan debt

First-Time Homebuying

How to get a mortgage when you’re self-employed

View all stories in First-Time Homebuying
三级女友-美女被操免费视频