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Renting vs. Owning..., decide for yourself.

 Own Your Own Home
Pay Yourself . . .Buy a New Home
Both examples assume 4% annual cost increase on rent, and equity from ownership appreciation. For more info on building wealth through home ownership see a Maple Street Home Sales Counselor.

Tax Savings in Your First Year of Home Ownership:
 
Based upon your income and the amount you borrow when buying a home, your federal income tax owed is reduced. These savings are only available to Homeowners. Find your savings in the chart below based upon your current situation.
 

Borrower's Income

Mortgage Amount

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$120,000

$1,591

$2,969

$2,969

$2,969

$2,969

$3,288

$130,000

$1,724

$3,217

$3,217

$3,217

$3,217

$3,562

$140,000

$1,856

$3,464

$3,464

$3,464

$3,464

$3,835

$150,000

$1,989

$3,712

$3,712

$3,712

$3,712

$4,109

$160,000

$2,121

$3,959

$3,959

$3,959

$3,959

$4,383

This table shows typical reduction in federal income tax that a home owner would receive in the first year of home ownership due to mortgage interest and real estate taxes being deductable. Most states follow the federal tax calculation, and home owners would also see a reduction in their state income tax, but the state savings is not included in this table. Source: NAHB

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