Appreciation. Historically, long-term real estate values have demonstrated steady growth.**
Equity. Rent money is money you never see again. Mortgage
payments can help build equity.
Savings. Home equity is forced savings. And when you sell, you
can generally take up to $250,000 ($500,000 for a married couple) as a
gain without owing any federal income tax.
Predictability. Unlike rent, fixed-mortgage payments don’t rise over
time. (Of course, property taxes and insurance costs can increase.)
Freedom. The home is yours to enjoy as you like. You can upgrade
and decorate it to reflect your personal style and needs.
Community. Your investment extends beyond your home. As a
homeowner, you can become an active participant in your neighborhood, make new
friends, support local schools and businesses and get involved in community
organizations.
To see if buying makes financial sense for you, try the Rent vs. Own Calculator.
