Given recent dips in home prices and the current low mortgage rate climate, home ownership is significantly more affordable for prospective first-time homeowners. Earlier in 2009, a provision in the Stimulus Bill provided for a first-time Homebuyer Tax Credit of 10 percent of the purchase price of the home up to $8,000. However, there are many extra costs associated with owning a home, such as closing costs, mortgage interest, property taxes, maintenance, and insurance. You will also want to consider whether property values are appreciating or depreciating in the area you are looking to move to. There are several online calculators to help you determine whether you can afford to buy a home or not. Here are a few:
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