Reasons to Own a Home.
1. Tax breaks
3. Equity, money paid for rent is money gone, you will never see it again, in contrast to a mortgage payment which has the potential to grow equity in your home.
4. Savings, building equity in your home is a forced savings plan. When you sell your home you are currently allowed an exception of up to 250,000.00 if you are single or up to 500,000.00 if you are married, filling jointly against any gain’s without owing any income tax.
5. Predictability, unlike rent, your house payment will not rise over the years (if you have a fixed interest rate) but except for your taxes and insurance which may change. In the long run, your home is not subject to the changes in the rental market.
6. Freedom, your home is yours; you can do upgrade, change as you wish, without landlord approval…
7. Stability lets you and your family participate in your community activities, enjoy your neighborhood, and put down some roots.
Insert from the National Association of Realtors