Advantages And Disadvantages Of Owning Home

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Self-doubt is the downfall of many nations and being uneducated will continue to keep it down. The American dream has always been to get married, own a home, and start a family. To the non-traditional millennials, the desire to own a home has been placed on the back burner to focus on careers. Is it doubt of being able to handle the responsibilities? Is income growth in the future? They think is my credit score and savings where they need to be? In the following essay I will discuss: the advantages and disadvantages of owning a home compared to renting property, factors that increase or decrease homeownership in millennials, and a 1950s American dream comparison to today’s millennials new American dream.
There are various advantages to owning your own home, ranging from greater privacy to tax deductions on interest and property tax portions. Homes typically increase in value, build equity, and provide a nest egg for your future. The costs are predictable and more stable than renting as long as you have a fixed interest rate. The owner is tied to a community that can be chosen based upon your lifestyle. When purchasing a home you have the potential to turn it into rental income by renting all or part of the property out, which will reduce your out of pocket costs. It will help build your credit in order to obtain lower interest rates on many other purchases and investments. Now with all of the advantages comes disadvantages. Being a homeowner means you are committing to a
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