American Dream – Can it Be Yours?
Do You Dream of Owning a Home?
The American Dream of owning a home is very much alive and well. No matter how anyone perceives real estate market conditions, don’t we all want a place of our own where we can raise our family, make any changes we want, and feel safe and secure? Home ownership creates these emotional and financial benefits–and more.
- Deductions for mortgage and home equity interest
- Deductions for property taxes
- Capital gains exclusion on profits
- Low long-term capital gains rate for profits in excess of the exclusion
Rent v Own – Which Costs More?
You might be surprised to find that it costs much less to own a home than it does to rent! Unusually low mortgage interest rates result in low payments in general, compared to rent. However, amortization, appreciation and tax savings are icing on the cake.
In most cases, it costs significantly more to rent than to own, and the savings could amount to more than the down payment in the first year alone.
Calculate your Cost of Renting vs. Owning
Try it with your own numbers in our live calculator, or call us and we can arrange a consultation to help you evaluate your situation.