It has long been acknowledged that homeownership is one of the greatest wealth building tools in America. It is the American Dream – buying a home of our own, having the ability to decorate it to our personal liking, and having a place for our children to play and come home to year after year.
Homeownership also provides many more financial benefits than renting. A fixed mortgage payment instead of variable monthly rents, a continual savings plan through monthly principal payments, tax deductions from mortgage interest and property taxes, and especially in California, the enjoyment of significant property value growth resulting in increased home equity are just a few of the benefits of homeownership.