Home Ownership
When you own your home rising prices benefit you (your net worth increases).
If you borrow money using a fixed rate, fully amortizing mortgage the monthly payment of your principal and interest remain constant over time (your “rent” stays the same; no increase).
Interest paid on home mortgages is deductible from your income when calculating federal income tax due (you pay less tax).
If you sell your home for a profit current tax law allows you to enjoy making a profit of up to $500,000 for married couples and pay no federal income tax whatever (you pay less tax).
In general if you own a home your credit scores will be rated better when compared to non-homeowner people with a similar payment history (your credit improves).
Home ownership and higher credit scores generally mean that you will pay less interest on borrowings (you pay less interest).
Home ownership and higher credit scores generally mean that you will be able to qualify for and obtain lower rates on insurance policies (you have access to insurance when you otherwise wouldn’t and you pay less for premiums).
Home ownership and higher credit scores generally will help you to qualify for lower interest vehicle loans (you pay less for the total cost of transportation).
