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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. Check if you're ready to buy a home by reading the Affordable Homeownership Guide.

More Homeownership 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?