Owning a home is apart of the American Dream. 43% of people find it is essential while 48% find it important in achieving the American Dream.
As far as financial benefits; it is investing in your future. Buying a home increases your net worth just by paying your mortgage. After 30 years of mortgage payments have paid off they gained equity through their monthly payments and as home values appreciated. You can think of it as a forced savings account.
Mortgage payments are more predictable because they are usually fixed where rent you are at the mercy of a Landlord. The interest and property tax portion of your mortgage payment is a tax deduction.
You can also use the equity in your home for large expenses or debt consolidation. Equity is the difference between the amount your home appraises for and the amount you owe. For example if your home appraised at $300,000 and you only owe $150,000 then you have $150,000 in equity. When you are paying rent your are giving the landlord the equity in the property.
Research has shown that home owners are more involved in their communities than renters. They feel invested. Owning your own home means something more to people and their families than just the financial considerations.