On the fence about being a homeowner? Here are just a few benefits that we think will help you make up your mind:
Homeownership can help you build equity over time.
Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
Your monthly payments will remain stable.
When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand,rent continues to increase. Your housing expense is much more stable if you own instead of rent.
You may have some tax benefits.
Here are four benefits:
You can take pride in ownership.
Most surveys show that a major factor in purchasing a home is the freedom you have to design the home the way you want. From paint colors to yard accessories, you don’t need a landlord’s permission to make the house feel like a home.
There are many benefits to homeownership. That is why it is still a critical piece of the American Dream.
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