In addition to saving money on the rapidly rising costs of renting, homeownership is a means of "forced savings." Many people have trouble saving extra money while making their housing payment each month, but owning a home bypasses the tendency to defer savings.

You are boosting your net worth

The New York Times agrees— homeowners contribute significantly to their net worth simply by purchasing a home. "The net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth," they stated in an editorial. A study from the Federal Reserve also found that the average net worth of a homeowner at $194,500 is 36 times greater than that of a renter at just $5,400.

There are tax benefits

If you've previously purchased a home in Delaware or Pennsylvania, you are aware of the tax benefits associated with homeownership. Homeowners are able to deduct the mortgage interest and property taxes from their income and what's more, gains of up to $500,000 for married couples and $250,000 for single tax filers can be excluded from income if you sell your home for a gain.

Buying a home in Delaware and Pennsylvania can be a lucrative move this fall and as your local expert, I am here to help answer any questions you have about the process or available properties in the area. Do not hesitate to reach out!