Tax Benefits of Home Ownership

Some articles are beginning to appear claiming that renting is now financially better than owning a home.  Read this article and see if you agree (I don’t):

REALTOR.com: Tax Benefits of Home Ownership are Almost Too Good to be True.

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About Bob Gilbert, GRI

Realtor with Edina Realty, Prior Lake, MN
This entry was posted in Financing, Tax Related and tagged , , , . Bookmark the permalink.

2 Responses to Tax Benefits of Home Ownership

  1. andystaxes says:

    In general of COURSE it’s better to BUY than to RENT. However, there are exceptions to this. Some high cost areas, such as California where I live…and in my city where I have rent control….there is NO way buying is a feasible option. Yes…if you rent, it isn’t “yours”, but you could be spending 30 years drowning in debt over a home that in no way, shape, fashion or form is worth you sinking your hard earned dollars. In the Bay Area, I don’t understand why anyone wants to sink milllions of dollars into two-bedroom one-bath nothing dumps. Also, as you know, the trick is coming up with a down payment no matter where you are in this country. When I consider MY rent and what I, personally, would be paying elsewhere to BUY, renting is the ONLY option for ME!

  2. I completely agree with you – there are always exceptions to every rule especially when it comes to purchasing a home. In general I feel that it’s better to buy than rent, but real estate is a highly localized business and the same conditions don’t always apply to every location. I once considered moving to the Palm Springs area. Home prices were incredibly low at the time. Once I thought about the fact that it’s pretty much right on top of the San Andreas fault, I decided that if I did move there I’d prefer to rent and let someone else worry about the potential earthquake damage to the house. So you’re exactly right, sometimes renting is the better option in some locations and/or situations. Thanks for the input!

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