Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.7 The Cost of Home Ownership - Exercise Set 8.7 - Page 556: 22

Answer

The advantages of home ownership over renting are: 1.Owning a home is a built-in savings account and 2. Owning a home has higher tax advantages.

Work Step by Step

When you pay down the mortgage loan month by month, it increases the equity. Home ownership helps to build wealth. There are significant tax benefits when someone mortgages their property. Home owners can take certain deductions for the mortgage interest when paying tax.
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