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Financial Perks Of Homeownership
Owing a home has several tax incentives and generally improves your overall net worth.
A homeowner’s net worth is 45.9 times that of a renter’s!
Here are a few of the ways owning a home can save you money and increase your financial well-being:
- Federal tax credits of $500 and up are available through Energy Star to help homeowners working to create an energy efficient home.
- The Mortgage Interest Deduction saves an average homeowner about $3,000 per year.
- The California Relator’s Energy Audit Program(REAP) provides up to a $250 rebate on a Home Energy Rating System (HERS) home energy audit conducted by a certified HERS rater.
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Sources: NAR,C.A.R., The Federal Reserve and Energy Star
What Is Happening In The 805 Freeway
Freeway Improvements Start in South County
Project Provides New Transit Options for Travelers
Crews have begun work on the first phase of the Interstate 805 (I-805) South Project, a $1.4 billion effort to create a
modern transportation backbone that will meet the future needs of travelers in our region. Once completed, the project will offer new transportation choices, relieve traffic congestion, and improve the quality of life in the South County. Additionally, improvements to I-805 will help accommodate the projected population and employment growth in the region and enhance goods and services movement throughout the corridor.
Work has begun on the first of two phases of the I-805 South Project. The start of the first phase includes building
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one High Occupancy Vehicle (HOV), or carpool lane, in each direction along an eight-mile segment stretching from East Palomar Street in Chula Vista to State Route 94 (SR 94) in San Diego. Phase 1 also includes the construction of a Direct Access Ramp (DAR), Transit Station and Park & Ride at East Palomar Street in Chula Vista. Additionally, sound walls will be constructed along the route to help reduce freeway noise. Phase 1 is scheduled to be completed in 2014.
The second phase of the I-805 South Project will further increase transportation choices by expanding the HOV lanes into Express Lanes for a total of four lanes, two in each direction. The Express Lanes will serve the planned South Bay Bus Rapid Transit (BRT) project, carpools, van-pools, buses, motorcycles, permitted clean air vehicles, and solo drivers using the FasTrak® electronic tolling system. Phase 2 also includes the addition of in-line transit stations built in the freeway center median and freeway-to-freeway direct connectors. Work on the second phase of the project is scheduled to begin in 2015 and be completed in 2020.
The Ripple Effect
For each home purchase, approximately $60,000 of direct and indirect spending occurs in the economy.
Home sales in this country generate more than 2.5 million private-sector jobs in an average year.
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Sources: California Association of Realtors® and NAR
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