Homeownership Will Always Be Important
The real estate recovery will continue to be a popular topic throughout 2011. Many well known newspapers and magazines will write articles about rethinking homeownership and many other well respected publicists will write about the importance of buying a home.
There are many reasons that I believe homeownership to be important.
- Home owners have greater control over their living environment and this leads to a healthier and happier lifestyle.
- Historically, homeownership is one of the best ways to build wealth. A home owner's net worth will usually range from 31 - 46 times that of an average renter.
- Home owners can deduct their property taxes and mortgage interest on their individual federal income tax return.
- Mortgage payments will stay the same for home owners while rent typically increases by a few percent every couple years (assuming the mortgage has a fixed interest rate).
- Home owners can remodel and modify their house to their taste without the hesitation of a landlord.