There are numerous financial benefits to owning a home in addition to it already being one of the biggest financial assets. As opposed to temporary housing where the money paid for rent will never be seen again, mortgage payments let you build equity ownership interest in your home. Similarly, your home will appreciate over time as real estate has a long-term, stable growth in value. Median single-family home sale prices have increased on average 5.2% each year from 1972 through 2014.
Both the tax benefits and savings are other financial benefits of owning a home. The U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes and also some of the costs involved in buying a home. Not only this, but the equity built on your home is a ready made savings plan. When, or if, you finally decide to sell, you can make $250,000 ($500,000 if married and filing jointly) without owing any federal income tax, as long as you have lived in the home for 2 out of the last 5 years.
Most of all, the freedom and stability that come with owning your own property cannot be beat. You’re able to design your home as you please and have the certainty that you always have a place to come home to. Nothing can top that.