PRIDE OF OWNERSHIP
Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buyer—the satisfaction of owning and freedom from paying rent—are at least as important.
DISLIKE PAYING RENT
Renting offers a lifestyle that’s nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and no protection against regular rent increases. Writing a rent check is just like watching your hard earned money sail away!
Many renters say “settling down” is an important reason to buy.
Both home-owners and renters say the investment aspect of ownership is important.
Property Taxes and qualified home interests are deductible on Schedule A, for itemized deduction.
LONG TERM APPRECIATION
People consider home ownership a good investment because they view it as long-term venture. Historically, home prices have risen at relatively steady rates.
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 outpace inflation.
SOURCE OF SAVING
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 6 in 10 renters say they plan to buy a home in the next two years. And many renters say they are willing to sacrifice to do that.