You can built equity in your home that may allow you to sell it at a profit. You can borrow money against your equity for home improvements or other large purchases
You can deduct mortgage interest and property taxes on your return. If your single you have a $250,000 tax exemption. As a couple you have a $500,000 tax exemption. Under new tax laws you can often defer taxes on your profit when you sell.
You can rent your property to produce income. When living in your home you will never have a rent increase, often mortgages payments become less then rent over time.
Rewards to Ownership:
You get more living space that may include a garage, yard, deck and driveway. You can remodel and change at will. You can paint, decorate and customize.