Buying a home may be the American dream, but it’s also a monumental task: You have to clean up your credit, apply for a mortgage, scrape together a down payment, and then move all your worldly possessions in after you close on the deal.
A landlord can raise your rent whenever a lease expires—and often by as much as he pleases. But as a homeowner, you can lock in a predictable mortgage payment for as long as 30 years.
The many expenses of owning a home—like property taxes and accounting costs—are tax-deductible. The largest deduction is generally the interest you pay on your mortgage.
It’s cheaper. The monthly outlay of owning a home is much less than paying rent in the majority of markets in the U.S., buying is the more affordable choice in 58% of U.S. markets. Plus, mortgage rates are currently low, making it an economically wise choice to purchase a home sooner than later.
Owning a house you plan to stay in for a while also allows you to have an impact on your community with your taxes benefiting local infrastructure, schools, and organizations.
With a rental, you run the risk of getting kicked out at the end of your lease. With a home, you can live there indefinitely. And isn’t there something comforting in knowing there’s a place where you’ll always have a roof over your head?