Advantages to Owning Your Own Home
There are many personal and financial benefits to owning your own home, including:
You will have a place of your ownHomeownership gives you a sense of independence, privacy and security. The satisfaction of a place you can call your own truly is priceless. Your own home is a place to raise your family and be a part of your community. And it can be passed down to provide security for your children and grandchildren. It can cost less than rentingHomeowners see substantial tax savings through federal income tax deductions on property taxes and mortgage interest. These tax savings partially reduce, or offset, the actual cost of owning your home. These tax savings are not available if you rent an apartment or house. Your monthly payments can be fixedIf you choose a fixed-rate mortgage (one that stays the same for the life of the loan), you will have the same mortgage payment each month. Itfs one of the safest investments you can make.Real estate continues to be a solid long-term investment for most households providing wealth accumulation especially for those who keep the home for a typical holding period of six to 10 years. Housing generally provides steady returns unaffected by volatile movements in the stock market. You can build equityOwning a home is the single greatest source of financial security and independence for many people. You can expect to build equity as the value of your home appreciates steadily over time as a result of any improvements you make, the strength of the local economy and other factors. See how your home investment can increase over time!
Most people keep a home for 6 to 10 years. | Year | Median Sale Price* | | 1996 | $125,400 | | 2001 | $151,500 | | 2006 | $195,000 |
* Source: Illinois Association of REALTORS. The median price is a typical market price where half the homes sold for more, half sold for less.
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