Owning a home does come with risks and responsibilities that you don’t have to deal with when you rent. Things like a mortgage, property taxes, homeowner’s insurance, home maintenance, and repairs. Even so, financial advisors and homeowners themselves know that there are far more advantages than disadvantages to owning.
For instance, over time you’ll generally lose money by continuing to rent versus owning your own home. Why not build up equity in your own home instead of paying your landlord’s mortgage? Although there are periodic market drops, owning a home has historically been an unequaled financial investment. You gain many ongoing tax benefits, such as deducting the interest on your mortgage and property taxes from your income tax.