Pro's & Con's of Home Ownership

You may have an income tax deduction. If you itemize your taxes, interest on your home loan is usually tax-deductible.
You build equity. Equity is the difference between what your house is worth and how much you owe.
You control your monthly payment. Fixed-rate loans offer a set monthly payment so there are no annual rent increases.
Freedom from landlords. Home ownership frees you from the policies that benefit the landlord and gives you the opportunity to live as you see fit.

Your financial responsibilities increase. You'll be responsible for other costs associated with owning a home, including: Taxes, Homeowner's Insurance, Gas, Electric, Water, Garbage, Sewer, Pest control, etc.
Home values can fluctuate. If your home decreases in value, you could lose all or part of your investment.
Your ability to move is limited. Real estate is not a liquid asset. It may take a fair amount of time to sell your home if you decide to move.
Routine maintenance and repairs are your responsibility - You'll need to be able to set aside money as a reserve for maintenance or repairs.