Why is it Better Owning a Home than Renting
There are situations where it's advisable for a person to rent, but most often home ownership has many more benefits and advantages than renting.
Stable Housing Costs
Rent payments can be unpredictable and are typically increased every year, but most mortgage payments remain unchanged for the entire loan period. Equally if taxes or HOA payments go up, the increase is usually gradual. This stable housing cost especially notable in times of inflation, when renters tend to lose money and owners tend to make money.
Homeonwers can be eligible for signifigant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments is made up mostly of interest and taxes.
Instead of payments making their way into someone elses pocket, home owners are building equity in their own home. It is like having a schelduled savings account that grows faster the longer you have it. This is often one of a person's biggest investment assests.
If the property appreciates, and generally it does, your home equity grows. And you are the one who gets to take advanatge of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.
It is Yours!
When you own a home you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you.
When considering home ownership, you need to weight the advantages and disadvantages for yourself. If you are like most people, you will find that homeownership is worth the risks and disadvantages.
See in the infograph below with some interesting and impresive stats of homeowners.
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