Before purchasing my first home, I found myself weighing the pros and cons of what that actually ment. And I think there comes a point in most people's life when they start to consider the same ups and downs of homeownership. While it may seem like a large, intimidating expense, it's important to realize the overall value that comes from taking such a significant step.
From what I've experienced, it seems like the main reason people want to own their own home is that it is a good long-term investment. This is very true, and there are four main reasons why: lower taxes, an asset that goes up in value, tax-free profits if you decide to sell, and stable expenses (as opposed to fluctuating rent payments).
But you should also try looking at it this way – even if there were no tax advantages or profits to owning your own home, there is still another good financial reason to buy if you can afford to: you'll have a solid asset to show for the money you would otherwise be losing toward rent. From this point of view, buying a home is like putting extra money in a savings account. And, you'll get to experience the enjoyment and sense of security that owning a home brings.