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 (limited to $10,000), as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, average US home sale prices have increased 40% in the last 10 years, 87% in the last 20 years and 153% in the last 30 years, according to the Federal Reserve Economic Research. 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. Also, you can obtain a home equity line of credit for home improvements.

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. You can upgrade your home as you see fit!

6. Freedom. The home is yours, so, you can gain control over your living space. You can decorate any way you want and benefit from your investment for as long as you own the home. This provides you generate a sense of security and privacy.

7. Stability. No more need to move! 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.