Faculty and Staff Home Buyer's Guide
Should I Buy or Rent?
There are many advantages to buying a home versus renting one. Your Income, savings, and monthly expenses play an important role in determining How much mortgage you can afford. In many cases, the amount of money a renter Spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from federal income taxes, and usually from your state taxes. This will save you a lot each year because the interest you pay will make up most of your monthly payment for the majority or many of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.