What are the advantages of owning your own home?

You need to compare the cost of renting to the cost of buying. In some locations, it's cheaper to rent. While it's true your housing will be cheaper once the mortgage is paid off, but you will have taxes and insurance still, plus the opportunity cost of the money you invested in the house. The stock market historically has returned over 10% while housing only 7%. Also, when you rent, if your roof leaks, A/C goes bad or furnace breaks down, YOU don't pay for it. There is more to home ownership than just the mortgage. However, if you own, the landlord won't kick you out if s/he decides to sell and you can do any improvements you want.