Setting Aside The Personal Why Of Purchasing A Home

Ever since most of us can remember the American dream has been baseball, apple pie, mom, a good job, and oh yes to be a homeowner. It is an iconic, and social mark that most all aspire to rise to in their lifetime. In recent years, people have been a little hesitant about buying a home due to the huge market modification that has played out with all the foreclosures that took place. Owning a home is still the best investment a person can make on an individual basis in the United States.

For example if you are paying twelve hundred a month for a three bedroom two bathroom apartment, and you have six thousand dollars sitting in your IRA or passbook savings account. Your net worth would be valued at the six thousand you are holding onto currently. If you owned a home according to the nations average, your personal net worth would be about one hundred and eighty six thousand dollars.

Over the last six decades, homes on the average have risen in value each year on average of 4.8%. Even when the market has a slight downward slope it has always recovered, and started it slow climb once again. Of course, California, and Georgia seem to be the worst hit during the fallout, but Texas has seemed overall immune to what is going on in the other forty nine states. This is where your return on investment comes into play, and once the mortgage is paid off, you will have usually doubled your original investment in the home.

The fact most people will never have enough money to retire on without working is another reason to own a home right now, as once you are in your golden years, and need that equity to live off of while living in a retirement community for the rest of your years. This will pay your bills way down the road, and an apartment dweller will never have that safety net in place.

Saving money on taxes to keep your housing or monthly mortgages low, is a big reason also, and some first year homeowners are receiving in the area of eight to ten thousand dollars in tax deductions from their home interest payments during that initial twelve months. There are also additional tax credits available when replacing certain products and appliances in a home with