The quick asnwer yes it is. How much you can deduct, How to calculate your deduction, and the Limitations of MID(Mortgage Interest Deduction) are answered in several other articles.

Often times the deciding factor of whether to buy or rent, is the fact that your mortgage interest(often 80% of your total payment) is tax deductable, while in general you rent is not. So if you were deciding to buy or rent and were looking at two homes, one you would purchase the other you would rent. If the mortgage for the purchase home was $2000/month and the rent was $2000/month on the other, buying in this case would effectively cost you less than renting.