One reason to own a home is the tax benefits. Here are some highlights:

Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible.

If Your Adjusted Gross Income (AGI) does not exceed $109,000. ... Borrowers with an AGI less than $100,000 can deduct 100% of their PMI premiums. The PMI tax deductions are effective for both home purchase and refinancing transactions. Depending on household income, both FHA MIP and USDA can be deductible as well.

Using a $12,000 mortgage interest example, a married couple in the 35% tax bracket would get an $11,600 standard deduction, which is worth $4,060 in reduced tax payments. If the couple itemized their deductions on Schedule A, the mortgage deduction would come to $4,200