It was the “American Dream” for past generations: Your own home on a nice piece of property with a white picket fence, 2.5 children, and perhaps a family dog or cat.
While 82% of millennials today view homeownership as the “American Dream,” according to a recent study by Clever Real Estate, they waited longer than past generations to finance that dream. The average age of first-time homebuyers is 32, compared to 29 and 30 years old in the late ‘70s and early ‘80s.
Owning a home has always been expensive, but it also comes with several tax benefits. While some of the tax laws related to home ownership have changed, owning a home still provides some tax relief over renting.