The decision to move out of your apartment and purchase a home is a major consideration. The pride of homeownership is an emotional benefit. There are financial benefits to owning your home as well:

• Reduced income tax - The potential tax savings is attractive and could make owning your own home cost less than renting.
• Building equity - Equity refers to the market value of your home less any debt owed against it. As your equity grows, you may borrow against it for home improvements, debt consolidation, or any other reason. You may be able to deduct the interest paid on a home equity loan or home equity line of credit. 
• Property value appreciation - In certain areas, property values have risen steeply. There is no guarantee that the value of your home will increase or even maintain its value. However, under the right conditions, many homeowners have sold their homes at a profit. 
• Cheaper than renting - Use our calculator for an analysis of whether your mortgage payment could be less than your rent. 
• Calculate My Savings

Please note that you should consult your tax professional for a complete picture of how owning a home could benefit your taxes.

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