WHAT TO KNOW
Seven Reasons to Own a Home
1. Tax benefits.
The U.S. Tax Code lets you deduct the interest you pay on
your mortgage, your property taxes, and some of the costs involved in buying a
Historically, real estate has had a long-term, stable growth
in value. In fact, median single-family existing-home sale prices have
increased on average five and one-half percent each year from 1972 through
2014, according to the National Association of Realtors. The recent housing
crisis has caused some to question the long-term value of real estate, but even
in the last ten years, which included some bad years for housing, values are
still up seven percent on a cumulative basis. Additionally, the number of U.S.
households is expected to rise ten to 15 percent over the next decade, creating
continued high demand for housing.
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 take up to $250,000 ($500,000 for a married couple)
as gain without owing any federal income tax.
Unlike rent, your fixed-rate mortgage payments don’t rise
over the years so your housing costs may decline as you own the home longer.
However, keep in mind that property taxes and insurance costs will likely
The home is yours. You can decorate any way you want and
choose the types of upgrades and new amenities that appeal to your lifestyle.
Remaining in one neighborhood for several years allows you
and your family time to build long-lasting relationships within the community.
It also offers children the benefit of educational and social continuity.