As a homeowner, you can make money in several ways:Home appreciation. Over time the value of a house tends to increase. The longer you stay in your home, the better your odds of making money when you decide to sell it.Building equity. As you continue to pay off your mortgage, you build equity in your home. Home equity is the difference between what you owe on your home and its worth.Mortgage interest deductions. As a homeowner, you can deduct the interest you pay on your mortgage debt.Rental income. If you have extra space in your home, you might rent it out to a tenant to bring in some income.