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posted this below. know your tax exemptions: http://www.bankrate.com/finance/taxes/capital-gains-and-your-home-sale-1.aspx http://www.bankrate.com/finance/taxes

• fictioncircle 9y ago
  Its not difficult if you buy something similar size to what you are renting and hold it for 5+ years. The tax credits, inflation working in your favor (instead of against) alone is generally enough to cover the fee after 5 years.
  • snikeris 9y ago
    Surprisingly, only 63% of homeowners itemize their deductions (which is how you take the mortgage interest deduction). The tax benefits of home ownership is sometimes overstated. https://www.nahb.org/en/research/housing-economics/special-studies/archives/mortgage-interest-and-real-estate-tax-deductions-policy-issues-2008.aspx https://www.nahb.org/en/research/housing-economics/special-s...
    • brewdad 9y ago
      That same article states that 94% of mortgage interest gets itemized and that 32% of homeowners have paid off their mortgages. The mortgage interest deduction helps most homeowners, at least until they are no longer paying any interest.
    • fictioncircle 9y ago
      63% is still a clear majority and for the people in CA its a non-negligible thing. The 37% are mainly rural/midwest where the houses are under $500k.