With all things being equal, it is hard to find too many instances where buying a home does not pan out better financially than renting a home. You get to be the one that benefits from the average 4-5% equity increase per year and you also get to write off your mortgage interest and even your mortgage insurance if you have any.
And if you play your cards right, when you sell you’ll be eligible for one of the best tax breaks around. This does not mean that everyone should be a homeowner. That is what got us into so much trouble in 2004-2006.
Keep in mind that as time goes on, rents typically increase. If rent averages were $600 per month 10 years ago, chances are that they are $900 today and so on. When you buy, you can lock your payment for the life of the loan with a fixed rate mortgage. The only thing that may fluxuate is the tax and insurance that you pay. That may even go down, but when have we really expected taxes to go down. 
With your income tax deductions, essentially the US government has ended up subsidizing your home when you own. It is great because all of the interest that you accrue through your mortgage each years is a tax-saving write-off.
Pres. Obama’s plan called Making Homes Affordable was designed to help homeowners that have been greatly affected by the recession. When the recession hit, many Americans incomes reduced dramatically, which made it very hard for a lot of people to afford their current home that they were in. For many Americans, the foreclosure process is just around the corner.
