Paying a fixed mortgage stabilizes your budget. In popular neighborhoods, rent is likely to rise as the neighborhood becomes more desirable and developed. With a mortgage your monthly payments stay the same, making your monthly budget easier to maintain and follow.

Buying a home costs less than renting over time. Although the monthly payment may be more initially, most mortgages have a fixed rate over the life of the loan meaning that you pay the same amount each month for the duration of the loan. Not only are you paying a monthly payment toward a property that you own unlike paying monthly rent, you are also likely to make a return on your investment during the time that you live at the residence.

Home ownership can be built-in savings account. When you purchase a home, the more money you pay toward your mortgage or put into fixing it up, the more equity you build and the less that you owe on the loan. The more work you put into your home, the more equity you build and the value of your home most likely will increase. It truly pays to take care of your home and make updates!

Affordable options exist. Other options for purchasing a lower cost home include purchasing a home in an up-and-coming neighborhood or a fixer upper in your first choice neighborhood.

You put down roots when you own a home. Owning a home is a personal experience and is a place where to make memories. Every change you make to the home directly affects you and investment in the property.   

There's pride in homeownership, which also closely ties you to your community. When you love where you live, there is a desire to add value to the neighborhood you live in and take care of the property that you own. A home is more than just the property that you own. It also includes the people, businesses, and the other homes in the community as well.