1. Appreciation: Real estate historically has had long term stable growth with a median growth of 6.49% in the past 5 years and 4.02% in the last 10 in Philadelphia.
2. Tax Benefits: The U.S tax code allows you to deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved with buying a home.
3. Equity: When you pay your rent you will never see that money again, but mortgage payments let you build equity for your house.
4. Predictability: Unlike rent; your fixed rate mortgage payments don’t rise over the years so your housing costs may become lower in the long run.
5. Freedom: The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
6. Stability: Remaining in one neighborhood for several years
allows you and your family to build long lasting relationships with the community. For children it is also great for social continuity and education.