Owning your own home has several advantages:

1) Not paying rent: you are not paying your landlords mortgage for him, but paying off your own home. If you do this in the standard 30 years you can live free of monthly payments

2) Investment in fixed assets: Notwithstanding the economic cycles, in the long term real estate does increase in value and you are building your equity while you live there.

3) Fixed cost: With a fixed rate mortgage your monthly payment is not going to go up every year as your rent could.

4) Tax deduction: You can deduct the annual interest on your mortgage from your taxable income so you pay less income tax.

5) Pride of ownership: Improvements that you make are your investment into your own comfort and your own property and enhances the value of your property.