1 – Purchase a home for yourself or purchase a home for your landlord! What you spend on shelter each month is paying for SOMEONE to own a home….let that someone be YOU!
2- A home acts a forced savings program; each payment builds equity; every improvements increases how much profit you will make when you sell. It takes a lot of discipline to put away $500 a month for retirement on top of paying rent!
3- Mortgage interest deduction is an incredible tax deduction.
4- Current interest rates remain low; that means your monthly payment to own a home will in many cases be much less than what it would cost to rent a similar property.
5- You can earn up to $250,000 on the sale of your primary residence and pay no taxes! $500,000 if you are married and filing jointly!
6- Protection against inflation, real estate and gold typically have kept pace with the rate of inflation,
7- Home prices in Nome have an average appreciation of 2.5% annually. A much better rate of return than a savings account!