1. Home-ownership is a form of forced savings. Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, pay off high-interest credit card debt, or even send a child to college.
2. Homeownership provides tax savings. One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home.
3. Homeownership allows you to lock in your monthly housing cost. When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years.
4. Buying a home is cheaper than renting. According to the latest report from Truilia, it is now 37.4% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
5. No other investment lets you live inside of it. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.