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 own
Homeownership 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 renting
Homeowners 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 fixed
If 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.
It’s 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 equity
Owning 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.
|
