I am not so sure about tax

[pepsi]

I am not so sure about tax adavantage.

For 6% interest, you get 2% back (assuming 33% tax bracket), but you have to pay 1.25% property tax.

So, you get only 0.75% back.

On the other hand, renters have the standard deduction.

The difference between the 0.75% and (33% of the standard deduction) is your actual saving.

By the way, the interst over 1MM is not deductible.