Becoming a homeowner is a big commitment and investment that can lead to major benefits in the long term. Here are seven key reasons why you should own a home.

1. Tax benefits.

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

2. Appreciation

Historically, real estate has had a long-term, stable growth in value. The number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing. According to a recent Zillow report, the average Los Angeles home value is up 2.4% over the past year.

3. Equity.

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability

Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.

6. Freedom

The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.

7. Stability

Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.

Interested in seeing what kinds of homes fit your budget? Contact me for a free consultation.

Some of this content was provided by the National Association of Realtors.