Reasons to Buy a Home Instead of Renting

Turn to mortgage and real estate pros when buying a home.
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While it may not have been possible when you were single, as a young couple sharing a home, you have an advantage: You can pool your finances together to manage the costs of home ownership. Also, you won't be in the minority, since 65 percent of Americans own a home rather than renting, according to information on the Financial Literacy Now website. Because being in the majority isn't enough, consider the potential rewards of home ownership, such as the chance for stability and security like you've never experienced before.


Owning your own home gives you the freedom to change anything you want to, when you want to do it. If you decide that you want to repaint the dining room in bright yellow, so be it. If you want to redo the landscaping, go for it. If you find the linoleum in the bathroom boring, tear it out and replace it with something that rocks your world. Also, you don't have to worry about being evicted or asked to move because the property owner has decided to sell.

Tax Benefits

Paying your mortgage, homeowners insurance and property taxes can add to up an astronomical amount of money every year. The good news is that you may be able to deduct a portion of your expenses. However, according to the IRS, you must itemize your taxes and qualify for an amount that's more than the standard deduction granted by the government to reap tax benefits.

Fixed Costs

As long as you opted for a fixed-rate mortgage, you don't have to fret too much about being hit with increases like renters do. While a landlord can send you a notice that your rent is increasing, your mortgage lender won't. Even when everything else -- gas, food, utilities -- is rising, you can take comfort in the stability of a fixed-rate mortgage. If you don't have a fixed-rate mortgage, look into refinancing and getting one to protect yourself from fluctuating interest rates. Be aware that the property taxes, homeowner's insurance and homeowner's association fees -- if any -- often increase from year to year.


Buying a home can help you establish roots in a neighborhood or a community. You no longer have to make plans based on an annual lease or the possible sale of the rental property you are inhabiting. Look for neighborhood groups to join and get to know other couples who own their homes. You might just build some wonderful, long-term friendships.

Sense of Accomplishment

Buying a home is one of the biggest purchases you and your spouse will ever make. Owning your home often brings about a sense of accomplishment and pride that comes from knowing that you and your significant other were able to make the dream of many Americans -- home ownership -- a reality.


If you compare the cost of paying rent to the cost of paying a mortgage and look at the end result, a mortgage may prove to be a better investment of your money. This is especially true if you opt for a fixed-rate mortgage. Over time, your rent will go up with the cost of living. However, if you lock in a mortgage at a low interest rate, in many cases the payments are lower than renting a similarly sized home. Even taking into account the costs of getting a loan, insurance, taxes and maintenance, you may find that you are better off with a mortgage, if you will remain in the home for several years. Another advantage of buying is that it is possible for you to make money on the sale of your home from appreciation in the value of your property, which is not possible if you rent. The actual amount of money you can make on the sale of your home depends on various factors, such as the location of your home and the current housing market.

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