Are Hardware based firewalls neccessary for home network security?

[froggyboy604]

Hardware firewalls tend to cost a lot compared to a regular Switch or Hub. Some routors have firewalls, but tend to slow down internet connection or cause disconnection problems sometimes.

Are software firewalls good enough to prevent hacks?

A lot of people recommend to use both a software and hardware firewalls, but some other people say a hardware firewall on a routor is good enough.