For the buy versus rent debate, this chart (recently published by the National Association of REALTORS® Research Department) is a good one to share. It shows how homeowners on average have far greater net worth than renters—ranging between 31 and 46 times greater over the last 12 years.

Chart showing Average Net Worth: Renters vs. Home Owners

Here are a few more factors in favor of buying:

Tax breaks. Homeowners can take advantage of federal income tax deductions on property taxes and mortgage interest.

Rent typically increases each year, a fixed-rate mortgage doesn’t. The monthly payment for a homebuyer with a 30-year, fixed-rate mortgage will remain the same. Plus, today’s record low rates make this monthly payment even more affordable.

You get to make the decisions. When you own a home you can decorate, make home improvements, and landscape your property as you wish.

Neighborhood stability and social involvement. Studies have shown that homeowners establish roots in a neighborhood and participate more in the local scene through volunteerism, political activities and organizations such as neighborhood crime watch and local school parent-teacher groups.