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Tax advantages never outweigh the cost of debt. Tax advantages do make debt more manageable. The cost of home ownership can sometimes be more affordable by deducting mortgage interest. Consumer debt (in the U.S.) is no longer tax deductible. The last bastion of tax havens reside in the area of mortgage interest.
Debt is never good, although in the area of home ownership it may be necessary. One rule of thumb is to compare the cost of ownership with the cost of renting. In many markets it costs as much to rent as it does to own. With the proper down payment home ownership may be a debt that makes sense.
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