What Owning a Home Can Do for You

Ask people why they want to buy and you rarely hear about interest rates. You hear about a kid who's changed schools three times, a landlord who won't fix the air conditioning, or wanting to paint a wall without asking permission. That's most of what owning gives you.

What you get

• 1
  Equity. Each payment pays down what you owe, and the part you own grows. Over time that's how many families build wealth. Values can fall as well as rise, so treat it as a long-term play.
• 2
  A payment you can plan around. With a fixed-rate loan, your principal and interest stay the same for the life of the loan. Taxes and insurance can still change, and in Florida they often do.
• 3
  Stability. No lease renewals, no landlord deciding to sell. Kids stay in the same school and you stay in the same neighborhood.
• 4
  It's yours. Paint it, plant it, knock out the wall. The choices are yours to make.