Is it a good investment to buy a house in New Jersey for savings purposes?

Thinking of taking a loan to finance a house purchase in New Jersey. Would like to find out if it is a good decision compared to other savings options.

Probably. It depends how you look at it.

Over the long term, stocks & real estate will probably give you the same return on the dollar (learned this in Finance at University of Chicago nobel prize winner). However, that may vary in the short run/shorter time horizons (e.g. over 10 yrs or less). Recognize you usually own a home for longer & usu get a 30 yr loan. Lately, obviously real estate has been doing better than the stock market. But, with interest rate hikes, the real estate market seems to be cooling off. And, real estate can differ greatly pending on the house you buy & its location. I do not claim to be an expert and you may want to speak w/ an objective real estate agent (if you can find one).

That being said, in general buying is almost always preferable to renting as your monthly payments will be lower, esp as time goes on. This, in turn, will allow you to save more so you can invest it whereever you want to. Usually rent increases year after year; but, your mortgage payments will be the same as they are today for 30 yrs. I say this as someone who has rented the last 10 yrs & wish I had bought sooner. My apartment just went condo & I bought it 2 months ago. In retrospect, I wish I had done it sooner.

I read an excellent book on the subject that was very educational for first time buyers. It's called "The automatic Millionaire Homeowner" by David Bach. It explains all the basics & how to think abt mortgage options and what might be right for you. It was really helpful. A few months ago, I was a complete moron on the subject...now, I understand what others are talking about.