Owning your own home will reduce the amount you pay annually in income tax in most cases. The rent that you pay is not tax deductible, but the interest and taxes you pay on a home you own is. Couple that with the fact that the cost to rent has been increasing, it may even be cheaper to own than rent.
On top of the tax benefits of home ownership, you will also be growing equity in the home that you own. Just like you invest in your 401k, investing into your own property is going to provide you with an asset that historically appreciates. Why would you want to continue paying off someone else’s mortgage with your rent payments?
Are you tired of moving every couple of years because your landlord raises you rent or decides to sell the property you’re renting to someone who wants to live there? Let alone having to ask every time you want to do something to the property to make it more like home. Buy a place that is truly your home!