When you own your own home, there are little things that feel big – like being able to choose your own paint colors, or not being subject to a landlord’s pet policies.
But there are big things, too. Most Americans’ wealth is tied primarily to home ownership. If you pay off your mortgage, you can dramatically lower your monthly housing expenses. Or, if you need a huge infusion of cash in the future, you can borrow against the equity in your home.