7 Reasons to Own Your Home
1. Tax breaks. 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
2. Appreciation. 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 each year from 1972 through 2005, and
increased 88.5 percent over the last 10 years, according to the NATIONAL
ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is
expected to rise 15 percent over the next decade, creating continued high
demand for housing.
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 savings plan. And
when you sell, you can generally take up to $250,000 ($500,000 for a married
couple) as gain without owing any federal income tax.
5. Predictability. 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.
6. Freedom. The home is yours. You can decorate any way you want and
benefit from your investment for as long 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.
Reprinted from REALTOR® magazine with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.