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But I Can't Afford to Own My Own Home

Let's say you'd like to buy a home of your own, but think you can't afford to do it. In fact, because of the tax breaks given to home owners in the U.S. you can't afford not to do it. Here's the explanation.

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The government doesn't want you to pay rent your whole life and end up being dependent on the state. So Uncle Sam is willing to subsidize your home purchase! Your mortgage interest and real estate taxes are tax-deductible. Why is this significant?

Before you get your paycheck, your employer takes out the taxes, and then you get what's left to pay your rent, put gas in your car, whatever. But when you buy a house, you take your house payment out of your salary first, and then pay tax on what's left.

This is such a huge, critical, and important difference that it has to be repeated. As a renter, you're used to the idea of the government getting their share first and you living on what's left. As a homeowner, you use your salary to pay for your home first, and then let the government have a share of what's left.

This is how the wealthy think. They think "how much tax do I want to pay?" not "gee, I wonder how much I'll have left after taxes are taken out." And owning your own home is a key step in starting to think like the wealthy.

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Linknet Articles are part of the Linknet Network of websites and blogs. Other resources you might be interested in include Real Estate Radio, For Sale By Owner Canada, Cottage and Vacation Homes in Canada, Inexpensive Virtual Tours, a Real Estate blog called Inside Real Estate, as well as numerous websites and blogs that are part of The Linknet Network of websites.