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How long will you keep throwing money away on rent? How much have you made by renting in the past five years? How much will you make in the next five years if you continue to rent? Over the last twenty five years, the price of an average home in Austin, Texas increased by 240%, or slightly less than 10% per year.

When you buy a home, much of the closing cost is tax deductible. On a $150,000 house, expect to deduct about $1,500.00. The interest you pay each month towards your mortgage is tax deductible as well. On that $200,000 home at 6 percent interest, that’s a deduction of around $9,000 in the first year.

Property taxes are also tax deductible. For that $150,000 home, property taxes should be a little under $3,500.00 a year. So, if your household income is $40,000.00, and you're in the 20% tax bracket, you would write off a total of $15,500.00, and put $3,100.00 ($15,500 X 20%) back in your pocket! Add that to the average appreciation of your house, roughly $15,000, and you are making- or saving - about $18,000.00 a year by buying instead of renting! Do you still think that you can’t afford to buy a house? The truth is that you can’t afford not to!

The figures used here are based on statistics taken from the Texas A&M Real Estate Center data and from the Austin MLS, and are believed to be accurate. No guarantees are implied, and none should be inferred. Information given here should not be construed as financial advice, and it is recommended that you consult with your financial professional regarding your individual situation.

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