There are really only two reasons not to own a home-you may live rent free with your parents or friends or perhaps you are planning on moving in 3 years or less. Even if you are single, but plan on staying in the area for more than 3 years, consider buying a home.
Ask any homeowner what's so great about owning versus renting, and most will say "the tax deductions!" Because all homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns. However, the maximum mortgage debt on which you can deduct interest for new loans is now $750,000. If your mortgage existed on Dec. 14, 2017, you’re grandfathered in on the $1 million maximum.
Homeowners are allowed to deduct their fixed-rate and adjustable rate mortgage (ARM) interest payments & property mortgage insurance (PMI) from their income.
This calculator will help you to estimate the tax savings that you will realize due to the deductible interest and property tax payments you will make on your mortgage.