With all the bad news about the nation’s housing crisis, homes being foreclosed upon, many people may be wondering: Why should I own my own home? Isn’t it just better to rent? Whether the real estate market is good or not so great, there are 7 main reasons to own your own home that are valid regardless of market conditions.

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.

2. Gains. According to the NATIONAL ASSOCIATION OF REALTORS® , the national median home price in 1990 was $92,000. In 2008 – in the midst of the nation’s housing crisis, the national median home sales price was $198,000. If you owned your home during this period of time, and didn’t refinance it to draw out equity, it would be likely that your home would have gained value. The key point is – it’s okay to refinance your home to obtain a more favorable interest rate, a shorter repayment term, or a lower payment. Homeowners should not refinance their homes to draw out equity to pay off credit cards or other debts. If they do, they need to realize that the valuation of their home starts all over from the date they refinance. It’s as if they are buying their home all over again at the refinanced price.

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. Provided you don’t refinance your home to draw upon your equity, and you own your home for 10 or more years, the equity value is likely to increase and the home will be worth more than you paid for it.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell – many years from when you bought, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

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 (and this also depends on the type of mortgage loan you obtain.)

6. Freedom. The home is yours. You can make design changes to update it or decorate it any way you want and be able to benefit from your investment for as long as you own the home. This goes hand in hand with enjoyment – you will enjoy your home more when you can personalize it to your tastes with paint, carpet and drapes that you want. Often, a landlord won’t let you make these changes, or else they may require to change them back when you decide to move, which can be very costly.

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 an educational community.