7 Reasons to Own Your Own Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on
    your mortgage, property taxes you pay, and some of the costs involved in
    buying your home.

2. Gains. Between 1998 and 2002, national home prices increased at an
    average of 5.4 percent annually. And while there’s no guarantee of
    appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORS®   
    found that a typical homeowner has approximately $50,000 of unrealized
    gain in a home.

3. Equity. Money paid for rent is money that you’ll never see again, but
    mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And
    when you sell, you can generally take up to $250,000 ($500,000 for a 
    married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your mortgage payments don’t go up over
    the years so your housing costs may actually decline as you own the
    home longer. However, keep in mind that property taxes and insurance
    costs will rise.

6. Freedom. The home is yours. You can decorate any way you want and be
    able to benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a
    chance to participate in community activities, lets you and your family
    establish lasting friendships, and offers your children the benefit of
    educational continuity.

To calculate whether renting or buying is the best financial option for you, use this calculator courtesy of Ginnie Mae:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH