There was a great artile in the Honolulu Advertiser this past weekend that really explained the benefits of owning a home versus renting.  The tax deductions alone make a huge difference, not to mention, the appraciation over the long run and the fact that your mortgage payment can be fixed for many years to come. With a fixed mortgage, your payments stay the same even as inflation pushes the cost of living higher (rental increases), where your landlord can raise your rent everytime the lease expires. Click Here to read the article