Owning your home is considered the American Dream by many, and here’s why:

Freedom:  Homeownership offers tremendous freedom to create the living environment that you have always wanted.  You can own pets, paint rooms whatever color you like, make minor changes such as upgrading cabinets or flooring, and major remodeling projects such as finishing a basement or adding an addition - all without having to get approval from a landlord.

Privacy:  You get to decide who enters your home.  You won't have a landlord stopping by to monitor your lifestyle or activities.

Pride:  You will become a contributing stakeholder in your community and gain a well deserved sense of belonging there.  Homeowners are more likely to be satisfied with their homes and neighborhoods, participate in local volunteer and political activities, and stay in their homes longer which contributes to neighborhood stability.

Economic Stability:  Your monthly payments will remain stable. With fixed-rate mortgages, your monthly principal and interest payments will stay the same for the entire period of the loan. This will make it easier to plan and budget – whereas rental rates usually rise over time.

Economic Opportunity:  You have the opportunity to create equity, not only for yourself but for future family members.

Security:  You will not be forced to move simply because your landlord has decided to to sell, or worse, has failed to make his/her mortgage payments and you get evicted because of their actions.

 Lack of mobility:  When you own a home, you can't easily pick up and move somewhere else.  When you decide to purchase a home, you should ask yourself whether you will be happy in this location for at least five years.

Maintenance and upkeep costs:  As a homeowner, you will be responsible for all of the maintenance and repairs that will arise.  Budgeting for these expenses is critical to your success as a homeowner.  Learning how to do your own maintenance and repairs can help keep that budget as low as possible.  Keep in mind, however, that these expenses are incorporated into the cost of rent, so when you rent you are paying to improve and maintain someone else's property.