Here are the top Financial and emotional reasons to own a home.
* Housing is usually the one investment able to produce. Housing allows a household to leverage any appreciation on their property.
* Regardless if you rent or buy, you are paying a mortgage. And regardless if you rent or buy, you are already paying for housing. Homeowners obviously pay down their own principal, while renters are simply paying down their landlords.
* Owning is in itself a forced savings account. Many people have trouble putting away money for savings each month. Home ownership can help overcome the deferment of waiting until next month to start saving..
* Owning a home provides substantial tax benefits. Homeowners are able to deduct mortgage interest and property taxes. Single filers with incomes up to $250,000 and joint up to $500,000 are also able to exclude capital gains from real estate profit.
* Home ownership is a hedge on inflation. Home prices and rents typically rise faster than the rate of inflation.
* Home ownership is a good way to build up wealth that can be passed on to your family.
* An actual physical structure to provide safety for your family.
* Owning a home gives you control over what you can do to the home. Renovations, repairs, modifications etc.
* Being able to choose where you raise your family. Homeownership allows you to choose the neighborhood, school, type of house and much more.