Generally yes, if you are renting now buying a home can add to your “take home” paycheck because you can increase your withholding allowance in anticipation of mortgage interest deductions on your next tax return. By increasing your withholding allowances, you reduce the amount withheld, which puts your tax refund in your paycheck today, not at the end of the year.

Ask your tax advisor to estimate how many deductions you should claim to compensate for the reduced taxes owed because of the interest and other homeownership deductions.