1) For every month you lived in your new Center City pad, and made a mortgage payment, you were able to deduct the interest on the loan. Try that with a rental payment. And be sure to let the IRS know of your plan here, as I am sure it will go over well with them.
2) You were able to paint the living room that hideous red your wife/husband/other wanted, and didn’t have to worry about NOT getting your security deposit back
3) If you had a fixed rate mortgage, you were able to plan on stable month payments, without the threat of yearly increases in rent, which most landlords do as a matter of habit, as opposed to doing so based on market conditions
4) You didn’t have to worry that your landlord was going to kick you to the curb after your lease expiration period, in order to turn the apartment into condos
5) You had the “quiet use and enjoyment” of the home to do as you please. The piece of mind that only comes from home ownership.
6) And you now have the pride of owning your own garden rake, a lawnmower, and perhaps washer and dryer.
Buying a piece of real estate in Philadelphia isn’t always about financial appreciation. Sometimes, the added value is the piece of mind you have knowing that you have a roof over your head that belongs to you. And your bank.