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Homeownership provides many things – a place to make memories, a spot to enjoy your favorite book, and a roof under which you build a life. See what else homeownership has to offer you in the chart below.
The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as a gain without owing any federal income tax.
Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing- home sale prices have increased on average 6.5 percent ...
Remaining in one neighborhood for several years gives you a chance to participate in community activities, establish lasting friendships, and benefit from educational opportunities.
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