Financially, buying a house has many advantages over renting an apartment. An important consideration for many renters is the cost of owning a house. Some people assume owning costs more than renting. On the surface, buying a place seems a lot more expensive than renting. Actually, owning a house doesn't have to cost more than renting. In many cases, the amount of money a homeowner spends on mortgage can even less than a renter spends on rent. Take my own house as example, we borrowed $140,000 from bank with 5% fixed interest rate for 15 years. Our monthly payment is $1100, half of which is mortgage interest, half is principal. Interest plus property tax $400, our monthly housing cost is $950. Besides, we can use itemized deduction of mortgage interest and property tax on our In

come Tax statement to further reduce our cost. With all the tax deduction, our actual cost is less than $800 per month. Even better, our interest is decreasing every year. As time goes by, we'll pay less and less on our house. Meantime, we're building up our equity with the other $550 monthly payment. The house's value is increasing year by year. Eventually, the house will belong to us.

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