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How can homeownership benefit me?

Answer

  • Most of the time, a mortgage payment is lower than a rent payment.
  • The homeowner does not have to answer to a landlord or apartment manager.
  • If the mortgage is a fixed rate mortgage the monthly payments will never go up.
  • The homeowner will have more privacy than a renter and the homeowner can decorate their home in anyway they want.
  • A homeowner can have pets without paying a pet fee and can decide who lives in the home.
  • A homeowner has an investment that can be passed on to their children and if the homeowner buys a house in the right area, the worth of the home can quickly grow.
  • The homeowner will have a stable place to live that belongs to them (and the bank until it is paid off).

With these benefits come added responsibilities. Read the Affordable Homeownership Guide

More FAQs from Low Income Households

  • How can homeownership benefit me?
  • How to buy a home with bad credit?
  • Are there HUD homeownership programs?
  • How does homeonwership affect your credit score?
  • Is it better to buy a home or rent?