Partly, yes. We also get to deduct interest paid on mortgages from our federal income taxes. This deduction can be used for primary and secondary homes.
The tax deduction alone is a massive incentive to buy a home. Particularly given the housing options available in most cities... we have massive tracts of suburban development where a mortgage typically costs a similar amount monthly as renting a large apartment downtown.
On the other hand, the savings from the income tax deduction is easily nullified by local property tax, maintenance costs, and the differential between homeowners' and renters' insurance.
The tax deduction alone is a massive incentive to buy a home. Particularly given the housing options available in most cities... we have massive tracts of suburban development where a mortgage typically costs a similar amount monthly as renting a large apartment downtown.