If you don’t own a home, you most likely rent. And renting has gotten very expensive, with no signs of slowing down. According to the Wall Street Journal, rent has been rising for the past five years—specifically, by 15.2% since 2009.
Renters don’t get many tax breaks, but home buyers do. 2015 might be the year to call it quits on paying $1,800 for a studio apartment with nothing to show for it. Check out TheVegasRealEstateAgent.com to see what’s available, and use this Rent or Buy calculator to see how long it will be before renting becomes more expensive than buying in your area—you might be surprised.
Note: Some tax breaks are in limbo
The following buyer-related credits will expire by the end of 2015 if Congress doesn’t act. Don’t count on them, but don’t count them out either.
- PMI deduction: This credit allows you to deduct money paid on private mortgage insurance.
- Energy upgrades: The Nonbusiness Energy Property Credit allots you a lifetime cumulative cap of $500 in deductions for energy-efficient upgrades (with a $200 lifetime cap for window upgrades).
Credit: Craig Donofrii
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