Finally, for many people, the riskiness of their human capital and their real estate assets may be related. For example, someone who works in an economically undiversified area faces the potential "double whammy" of not only losing his or her job if a key employer goes out of business but also facing depressed real estate values if other former employees are forced to sell at the same time.
Even if you work in a job that is unrelated to the primary driver of the local economy—for example, you work for a restaurant, while the local economy is dominated by the technology industry—you may still be affected if that sector takes a swing for the worse.
Read MoreAdvisors counsel stressed retirees
The expression "Location, location, location" is often used to describe what's important to think about when buying real estate, but it's also an important consideration when building a portfolio. There are obviously many things to consider. But, in general, the brighter the prospects for your region, the more aggressive you can be with your financial assets.
—By David Blanchett, certified financial planner and head of retirement research at Morningstar.