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Reasons To Own Your Own Home

  1. Tax Breaks. The U.S. Tax Code lets you deduct the interst you pay on your mortgage, property taxes you pay and some of the costs involved in buying your home.
  2. Gains. Since 2000, even with the current market condictions real estate has been a better investment at positive return of 45.3 percent versus the Dow at a positive 5.8 percent return, S&P at a negative 12 percent and the NASDAQ at a negative 34 percent. And while there's no guarantee of appreciation, a study by the National Association of Realtors found that a typical homeowners has approximately $50,000 of unrealized gain in a home.
  3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
  4. Savings. Building equity in your home is a ready-made saving plan. And when you sell, you can generally take up to $250,000 as an individual or $500,000 for a married couple as gain without owing any federal income tax.
  5. Predictability. Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own your home longer. However, keep in mind that property taxes and insurance cost will rise.
  6. Freedom. the home is yours. You can decorate any way you want and be able to benefit from your investment for as you own the home.
  7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships and offers your children the benefit of educational continuity.

To calculate whether renting or buying is the best financial option for you, use the buying vs renting calculator at the Ginnie Mae website:

Buying vs Renting Calculator