Stable Monthly Housing Costs

When you rent a place to live, you can obviously expect your rent to slowly increase each year – or possibly more often. If you get a fixed rate mortgage when you purchase a house, you have the same monthly payment amount for 30 years. Even if you get an adjustable rate mortgage, your payment will remain within a certain range for the entire period of the mortgage – and interest rates aren’t as volatile now as they were in the late 70s and early 80s.
Consider how much rent may be 10, 15, or even 30 years from now? Which seems more reasonable?

Forced Savings

Some people just don’t have the talent to saving money, and a house can be seen as an automatic savings account. Your savings increase in two ways. Each month, a part of your payment goes toward the principal. Sure, in the early years of the mortgage, this is not much. However, over time it speeds up.
Secondly, your house appreciates. Average appreciation on a home is about 5%, though it will differ from year to year, and in some cases it may even depreciate. Over time, history has shown that owning a home is one of the very best financial investments.

Freedom & Individualism

When you rent, you are usually limited on what you can do to improve your home. You have to ask for permission to make certain types of improvements. It also doesn’t make sense to spend thousands of dollars painting, putting in carpet, tile or window coverings when the main person who takes the benefits is the landlord and not you. Because your landlord wants to keep his expenses as low as possible, he or she will normally not be spending much to improve the place, either.