7 Reasons to Own Your Own Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home. Check with your accountant for all of the benefits.
   
   
2. Gains. Over last few years national home prices have increased significantly, and while there's no guarantee of appreciation , a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
   
   
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.
   
   
5. Predictability. Unlike rent, your fixed rate mortgage payments don't go up 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 probably increase.
   
   
6. Freedom. The home is yours. You can decorate any way you want and be able to 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.

 Information provided by National Association of REALTORS^®