Despite the fact that home mortgage interest rates are near record lows, only 65.4% of Americans own homes, according the U.S. Census Bureauâ€™s 2012 report. (See Homeownership Rates by State: 1984 to 2012) In fact, home ownership in the U.S. is at its lowest level since 2004, when 69% of Americans owned homes.
Of course, home ownership can eat up not only your free time, but your money as well. Is the American dream worth the hassle? To find out, letâ€™s look at it from three angles: taxes, costs, and quality of life.
Are there still tax benefits to home ownership these days?
Back in the days of 8% mortgage interest rates, you were sure to get a generous mortgage interest deduction on your tax return. Add that to the property taxes, and youâ€™d get a nice tax reduction. But what about today, with average national interest rates at 3.46%, according to Zillow.com?