Buying a home is the American dream and one of life's great rites of passage, such as graduating or marrying. In 2010, more than 2.5 million Americans joined the ranks of first-time homeowners despite the sluggish economy. And that amount has just grown year after year.

While buying a Florida home can be overwhelming and taking on that large mortgage debt can be a bit scary, purchasing a home is certainly a good move. It can improve the quality of your lives, and it makes excellent economic sense. So let's take a quick look, 5 economic benefits of being a homeowner.

1. Tax Benefits

Probably the first economic advantage that most individuals think of being a homeowner is that of strong tax advantages. As a homeowner, you can bring deductions for mortgage interest and property taxes when tax time rolls around in April.

"This deduction," according to Real Step pros, "is especially helpful in offsetting the original economic blow that comes with buying your Florida property, as in the first years of owning your home, you mostly pay off interest on your mortgage, as compared to principal."You can also usually write off mortgage points in the early stages, and that can mean significant savings.

Just be conscious that the tax law revisions of 2017 altered stuff a little bit. The limit on mortgage interest deductions is now your full mortgage debt's "$750,000." Including any home equity credit.

"Previously, the limit was $1,000,000 for home equity credit with an additional $100,000. Luckily, most of us don't have to worry about the enormous numbers engaged here.

2. Home-Equity Advantage

Another significant economic advantage of being a homeowner is the easy fact that as long as you own your Florida home, you will build more and more equity. As a consequence, you're going to increase your net worth, particularly if you ever want to sell your house down the street.

Here's how one of the top economic sites explains it: "Home equity is regarded to be a home's present market value minus any outstanding bonds or balance of home loans, and The rate of return on investment in housing rises considerably the longer it is kept."

Another benefit of home equity is that in case of an emergency, say, college tuition or medical bills, you can leverage it for resources. As your equity rises, when you need a sudden money infusion, you can use it to obtain a home equity loan. You could even borrow to create changes against your Florida home equity that will make your home worth even more.

Author's Bio: 

William Pek
I'm here to assist reader's about how to buy or sell home. I'm Professional author about home buying or selling. I have 25 year's experience in this field.