Rent Prices Continue to Rise
If you get a fixed-rate mortgage on a home purchase, your mortgage payment can never change. Unless a renter is in a rent-controlled building or neighborhood, their rent is at risk of rising every year.
Homeownership Builds Wealth
Owning a home is an investment many people can understand. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain on your down payment cash invested.
Forced Savings Plan
When a homeowner is making a mortgage payment, a portion of that payment is paying the loan down each month, giving the owner more equity in their home.
Homeowners Receive Many Tax Benefits
Homeowners are allowed to deduct mortgage interest and property taxes when they file tax returns each year
Homes Can Be Customized
Owning your home means you can paint rooms any color you want, you can change your floors from carpet to wood, and you can put a new chandelier in the dining room without asking a landlord for permission. And sometimes, making these home improvements will increase the value of your property.