Perhaps the most important benefit of homeownership is the ability to build equity over time as you pay off your mortgage. Unlike rental payments, which go to pay your landlord's mortgage, the payments you make help you to pay off your own home and build a more secure financial future.

You can leverage home ownership into increased borrowing power. Another benefit of owning a home is that it allows you to tap into your equity to help fund home improvements or pay off personal debt.

Your home gains value each year.  Home appreciation is a moving target that’s largely based on local market trends. But generally, home prices increase over time — providing one of the major benefits of owning a home.  According to a report by mortgage data firm Black Knight, the 25-year average appreciation rate of homes in the U.S. is 3.9% per year.

There are tax advantages of owning a home, too. From mortgage interest deductions to capital gains, these may help you save money each year.

Paying a mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. This equity in your home is a ready-made savings plan and is essentially a part of your net worth. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.