While many of the benefits homeowners enjoy are intangible, like the pride that comes from home ownership, there are many tangible benefits, too. For example, many homeowners are able to deduct the interest portion of their mortgage payments from their taxable income, reducing their income taxes. Many are able to deduct property taxes and mortgage insurance costs as well. These tax savings can amount to thousands of dollars per year. In addition, when you own your home, you're building equity in it.