Owning a Home Builds Equity
When you rent, you build equity for your landlord. When you own a home, you build equity for yourself.
Increased Net Worth
Homeowners have a higher net worth than renters. (Net worth equals the sum of everything you own minus the sum of everything you owe.) The Federal Reserve has noted that the net worth of the average homeowner is 30 times greater than that of a renter. Read more here.
Benefits for Your Taxes
There are tax savings for homeowners on their state and federal taxes. Renters do not benefit from these savings.
Living in a home brings stability. You can decorate your home how you like as well as build traditions and memories in it. You have a sense of community and pride of ownership with a home.
Prices of Homes Have Hit the Bottom and Are Affordable
In most areas, homes have hit the bottom of pricing and are starting to rise. Mortgage interest rates are still low and homes are still affordable. By buying now when homes prices are just starting to rise, you can enjoy the increase in equity as your home rises in value through the years that you own it.