Rental payments are gone once you make them. With each mortgage payment, you are buying something tangible and building equity. The longer you own your home, the larger the equity.
Interest paid on a mortgage is almost always deductible for income tax purposes.
The freedom of owning your own home cannot begin to compare with the restrictions and confinement renters experience. Ownership offers special advantages that make life more enjoyable.
A feeling of security comes with owning a home and the knowledge that your home is a safeguard against inflation. Generally, as prices go up, so does the value of your property.
Throwing Away Money
You cannot build equity with renting. In the end, you will have nothing to show for your years of payments.
Higher Monthly Expenses
Your rent can increase over time.
When you rent, you have no control over your circumstances. The rent can go up, or the owner can tell you that you have to move.
Paying Someone Else's Mortgage
The money you are paying the owner generally goes toward your landlord's mortgage. Why not put it towards yours?