The cost of owning a home is less than you think:
Approximately 1/3 of your housing payments is refunded to you in lower income taxes.
Mortgage interest and property taxes are tax deductible and will result in significantly lowering your income taxes.
Change your payroll withholding allowances now and give yourself a raise.
The higher net paycheck you then receive will help offset your housing payment.
Compare renting to owning:
Tax savings 0 (1,440)
Those payments of $4,193/month will buy a $700,000 home.
It gets even better:
As your home increases in value, you earn all the of appreciation, not the lender.
And the government lets you keep all of the profits!
up to $250,000 for a single person
up to $500,000 for a married couple
Contact your tax accountant for further details.