Tax deductions: Although, for many, especially, those in, so – called, high SALT states/ regions, the tax deductions, associated with home ownership, are less than they have traditionally been, there is still an, up – to $10,000 tax deduction, on one’s federal tax return, for the state and local taxes, we pay, Therefore, when we consider, whether, there are advantages, to buying, instead of renting, this must be factored in. If the net – numbers, of renting, versus, owning, are compared, and if they are close, home ownership often becomes more economically, advantageous, because of the appreciation, and equity, involved, in owning.
Mortgage/ mortgage interest: Mortgage interest, up to that paid, on a $1 million mortgage, is still, tax – deductible, so, when one considers, if it makes sense, for him to purchase, this must also be considered. In addition, a wise consumer considers, whether his monthly costs, are within their personal comfort zone, and strengthens, their enjoyment, etc.
Local real estate market: While there is, often, much discussion, about the overall, real estate market, every local area, is different, and certain ones, appreciate more, and/ or, depreciate, less, than other areas/ regions/ neighborhoods! One should, carefully, consider, whether, the location of the particular property, is one, which meets your needs, and priorities, desires, before buying, because, unlike renting, purchasing a home, requires far more commitment, than renting, does.