1. Equity: As you pay off your mortgage, you build equity in your home. In addition, a typical home gains an average of approximately 6% in value every year. This equity can be used to finance other expenses or even as a down payment on a new home.  Owners over the age of 55 can usually access a large part of their accumulated equity with a reverse mortgage, without having to make monthly payments.

 

  1. Stability: Owning a home provides stability and security for you and your family. Renters often worry about a landlord raising the rent or being displaced.  Homeowners with fixed-rate mortgages don’t have to worry about increased monthly payments and are in control of where and when they move.

 

  1. Tax Benefits: Homeowners can take advantage of tax deductions for mortgage interest, property taxes, and other expenses related to home-ownership. These deductions can help reduce your taxable income and save you money.

 

  1. Freedom: When you own a home, you have the freedom to make changes and improvements to the property as you choose. This includes home additions, remodeling kitchens and bathrooms, or even the addition of an ADU.

 

  1. Investment: Real estate is a great long-term investment. Market analysis shows that over time, homes appreciate significantly in value. This means you will likely sell it for more than you paid for it.  You can also rent your home to generate short-term or long-term income.

 

  1. Community: Owning a home allows you to become part of a community. You can get to know your neighbors and become involved in local events and activities.

 

  1. Personalization: When you own a home, you have the freedom to personalize it and make it your own. You can paint the walls, hang pictures, modify your yard, and make other changes to create a space that reflects your personality and style.