Equity:
You can built equity in your home that may allow you to sell it at a profit. You can borrow money against your equity for home improvements or other large purchases
Taxes:
You can deduct mortgage interest and property taxes on your return. If your single you have a $250,000 tax exemption. As a couple you have a $500,000 tax exemption. Under new tax laws you can often defer taxes on your profit when you sell.
Rent:
You can rent your property to produce income. When living in your home you will never have a rent increase, often mortgages payments become less then rent over time.
Rewards to Ownership:
You get more living space that may include a garage, yard, deck and driveway. You can remodel and change at will. You can paint, decorate and customize.
