Many financial professionals consider homeownership to be the single best avenue for building wealth. There are tax benefits as well. Under current U.S. tax law, you can write off your mortgage interest expense and property taxes against your income on your primary residence if you are eligible to itemize deductions (consult your tax advisor for details).
Owning a home can foster a sense of pride and security, knowing that any improvements you make to the property will benefit you rather than your landlord. Homeowners tend to have more freedoms in a property that isn’t controlled by the rules of others, and many people want to know that they are getting more in return for their money than just a place to lay their head at night.
Want to see how much home wealth you can accumulate? Try this home wealth estimator at America Saves.
Do You Itemize?
Only 1 in 3 taxpayers itemizes deductions on their annual tax return. If you don’t itemize deductions, you could be losing out on important financial benefits. Check out this map to see how your county ranks nationally in claiming tax deductions.