Which of the following is a benefit of homeownership over renting?

Choosing homeownership offers several distinct advantages over renting, one of which is greater stability in housing costs. When you own a home, your mortgage payments are generally fixed, especially if you opt for a fixed-rate mortgage. This means that, unlike renting, where landlords can increase rent annually, homeowners are less vulnerable to sudden or unpredictable cost increases associated with housing.

With each mortgage payment, homeowners are essentially building equity in their property rather than just paying for the right to occupy a space. This long-term financial stability can be particularly beneficial for budgeting, as homeowners can plan for their expenses without worrying about fluctuating rent prices. Additionally, owning a home often offers potential tax benefits through mortgage interest deductions, further contributing to financial stability and incentivization of homeownership.

In contrast, consistent rent increases over time would be a downside and not a benefit of homeownership, as would the immediate repair and maintenance responsibility, which can be a burden rather than an advantage. Finally, restrictions on property improvements would also pertain to renting rather than owning, since homeowners typically have the freedom to modify their properties as they see fit. Thus, greater stability in housing costs stands as a significant and favorable aspect of homeownership.