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Warren Buffet’s Advice: Buy a Home You Can Afford, Not Your Dream Home


Warren Buffet is the third richest man in the United States. He is a very frugal man. He purchased his home in 1958 for $31,500. It is a 6,000 square foot home. He still lives in it! In a recent interview, he stated, “our country’s social goals should not be to put families into the house of their dreams, but rather to put them into a house that they can afford.” In a February 26, 2011 letter he wrote to shareholders of his company, Berkshire Hathaway, he stated, “home ownership makes sense for most Americans, particularly at today’s low prices and bargain interest rates, but a house can be a nightmare if the buyers eyes are bigger then his wallet and if a lender, often protected by a government guarantee, facilitates his fantasy.”

Warren Buffet purchased his home for $31,500 when he was 29 years old. That is more then four decades ago. Imagine if you could purchase a 6,000 square foot home for that price today!

Home Services of America

Warren Buffet owns Berkshire Hathaway, Inc.  His company, in turn, owns Home Services of America through a subsidiary titled Mid American Energy Holdings Company. He also owns Clayton Homes, one of the largest companies in the United States, which is involved in the manufacture of environmentally friendly, factory built homes. Last year Clayton Homes produced more then twenty three thousand homes.

Warren Buffet Receives 2010 Medal of Freedom

The highest honor awarded to a civilian in the United States is the Medal of Freedom Honor. Warren Buffet was the recipient of this award from President Barack Obama in 2010.

Clayton, Mr. Buffet’s company, is very unusual. It holds the mortgages on the homes that it builds in its factories. Although Clayton was hit hard in the recession, it did better then most financial institutions. Mr. Buffet recently stated that if home buyers throughout the United States had behaved like Clayton’s buyers of manufactured homes, there would be no foreclosure crisis in the United States. Warren Buffet is a very wise man!

Warren Buffet lives modestly. He’s a very conservative investor who has been extremely successful in investing in non speculative investments. His strategy for homeowners, that they should only buy homes that they can afford and not their dream homes, reflects what the real estate industry will be moving towards in the future in the United States. The ownership of a single family home fulfills the dreams of many Americans. In the future they will need to have smaller dreams!

Foreclosure Lawyer

Our law office can help you with any of the following issues: mortgage modifications, mortgage modification programs that fail, foreclosure court conferences, foreclosure litigation, defective foreclosure lawsuits, predatory lending issues, bad faith by financial institutions, defective mortgages, real estate related issues, Chapter 13 bankruptcies, Chapter 7 bankruptcies, stopping foreclosure, and advising you as to the types of bankruptcy that may apply to you. Please take a look at our foreclosure blog. Feel free to call us should you have foreclosure defense or mortgage modification problems or bankruptcy issues.

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