If you plan to stay in one area for several years there are a lot of good reasons to purchase a home instead of rent.

Prices go up

It costs you more each year to rent than it did the year before.  If you are paying $1000 a month today and see a 3.5% increase, over the next 10 years you will have paid $140,000 (yes - One Hundred and Forty THOUSAND dollars).

10 Years of Rent Payments

Deductions

Real estate taxes are deductible on your Federal income tax.  Also, if you took out a loan then the interest you pay on your loan is deductible.  Talk to your accountant to find out exactly how you would be affected.

"Why Rent When You Can Buy" NAR Handout (click here)

Do the Math

Here is a brochure that does the math for you on a few of the issues.