BENEFITS OF HOMEOWNERSHIP

1. Building equity and creating wealth. Savings accumulate with time as your home appreciates and the mortgage is gradually paid down. Historically, owning a home is considered a good investment. According to the Federal Reserve Survey of Consumer Finances, the median net wealth of a renter household is $4,800, while the median net wealth of a homeowner household is $171,700.

2. Interest rates. Interest rates are at historic lows and with median price declines, homeownership is much more affordable.

3. Tax savings. The interest on your mortgage and property taxes paid are tax deductible. Consult with your tax advisor on how much you can save in taxes.

4. Freedom and lifestyle. Your home provides you with the freedom to design and create your living space to suit your lifestyle.

5. Good for communities. Homeowners work to maintain the value of their investment, which translates into a greater concern for neighborhoods and contributes to stability in communities.