1. Tax breaks The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. There is also now a home buyer tax credit.

2. Gains On average, a home's value doubles every ten years. Not many other investments perform that well.

3. Equity Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax, as long as the home has been your primary residence for two of the last five years.

5. Predictability Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.

6. Freedom The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.

7. Stability Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.