Still Renting Your Home? 4 Facts That
Might Change Your Mind

Each year, home renters face the question of whether to renew their lease
for another year or determine it is time to buy a home of their own. Over the
past couple of years, the US housing market has changed dramatically as
home values have soared and interest rates have remained low. So, if you
are still renting your home, it might be time to buy instead.

1. Rents Are Rising Quickly – Higher priced home values drive higher
   rent costs. While a 30-year fixed home loan will provide steady monthly
   payments for the duration, most renters are shocked to see their housing
   payments rise each year.
2. Paying for Your Landlord’s Equity – As home prices rise, so does
   the equity in the property. As a renter, you are making the loan payments
   for your landlord, while they reap the benefit of increased equity.
3. You Get What Your Get – A homeowner can paint, renovate, and
   customize the home to their heart’s content. A renter must live with the
   choices the landlord made about décor.
4. No Tax Benefits – Homeowners can deduct the home mortgage
   interest and property taxes off their gross income, offering huge tax
   savings.

With a wide variety of home loan programs available, buying a home may
be more affordable than you think. If your lease is up for renewal, this could
be a good time to consider the benefits of homeownership instead.