Pride in Owning: Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying and the satisfaction of owning and freedom from paying rent are at least as important.
Dislike Paying Rent: Almost equal portions of owners and renters, close to 7 in 10, said a dislike of paying rent was an important reason to buy. Renting offers a lifestyle that’s nearly maintenance free. That may appeal to you, but to consider that renting offers you no equity, no tax benefits, and no protection against rent increases. Writing a check is just like watching your hard earned money sail away.
Settling Down: More than 6 in 10 renters said “settling down) was an important reason to buy.
Good Investment: 76% of owners and 69% of renters said the investment aspect of ownership was important.
Tax Advantages: Property taxes and qualified home interests are deductible on Schedule A, for itemized deduction. Leverage Investment: People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation. In the long run, investments in homes far outplace inflation.
Source of Savings: Home ownership always has and continues to comprise the single largest source of savings for American households. Homeowners build equity and can borrow against it.
Sacrifices are Worth it: Almost 7 in 10 renters said they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice other luxuries to do that.