There are 3 main advantages to moving from renting to homeownership in today’s market.
Deduct the cost of your mortgage loan interest from your state and federal income taxes. Additionally, you may deduct a portion of your property taxes.
Real estate is a good long-term investment. Over the last ten years, appreciation in the Portland Metro area averaged 4%. Additionally, as you pay down your mortgage loan, your equity (wealth you have in your home) increases.
A fixed mortgage payment will not increase for 15 to 30 years, whereas Portland area rents increased an average of 6% this past year.
Homeowners don’t move as frequently as renters, tend to volunteer in the community more, and enjoy a net worth 34 times as much as a renter.
If you’re ready to make the switch from renting to owning, contact me!