Hi John -- to have his/her/their own place.  No landlords.  If you want a dog -- get one.  If you want to paint a wall - do it.   

I think homeownership is foundation of wealth building for most people.   

Equity

Who doesn't want to live the American dream?

Building long term wealth--homeowners have 30X the net worth of renters.

John Meussner we all should have many answers for this - as we have to convince the buyers of these advantages....

For me - as Michael Jacobs said - a place called 'home' - my own place!

Love the question John. The desire to own your own home instead of collecting rent slips.

I think it is about the feeling of having one's own home. You can do as you wish to it without asking anyone's permission. The home provides the environment where you are raising kids, putting down roots, and getting to know neighbors. In addition, owning a home provides useful tax breaks for those in the middle class. It is far more desirable than renting and being at the whim of a landlord.

Peace of mind.

Noah nailed this one!

John - I really enjoyed the answer by Holleay Parcker - Spinnaker Realty - Serving Clients From Corolla to Hatteras.

However, I do believe that paying for something that you can eventually call your own is much better than paying rent so someone else call call it their own.

The finacial reason is the tax break .

I think the #1 advantage of home ownership is the principle of personal property that as more people own their own home most will take care of it and improve it, thus lifting the values of neighborhoods, one owner at a time.

 Good morning John. Equity and the freedom to do what you want.

Hi John;

The old saying goes that 'home is where the heart is'...

While it is true that there are many good financial reasons to own a home, at the end of the day, every person wants someplace special to go home to.  Someplace that they can call their own.

Because we are in the business of selling houses, we think of them as 'product' or 'inventory'. To the individual selling, though, it's so much more than that - it's not a house, it's their home.

It's where they spent a big chunk of their lives, where they made many memories, where they raised a family, had cookouts and invited the neighbors, planted a tree to remember a special occasion, buried a beloved pet in the backyard.

The #1 advantage of home ownership is having a place to call home.

There is usually a certain pride a family, or individual, gets from owning a home. 

People who own their own homes have a significant increase in net worth - I think it is tenfold. 

The personal enjoyment of being able to decorate the way you like and say it is yours (and the bank's). No landlord is telling you what to do.

its better to pay to own that to pay to rent ; at least at the end you have something to show for your commitment to pay; in the event you do it for 30 years for the home owner has something of value for the renter has the never ending increase of rent . their is always a plus to own . on paper the home is an asset only, now the real asset would be to buy a duplex,triplex or fourplex to get a nice cash flow that would be a real asset. just my opinion, great question John have a great month

John Meussner A long term equity builder and the tax benefits.

The obvious -- having the ability to write off MID and interest, but also to enjoy the feeling of owning!       You can make changes, and not ask permission (unless you live in a covenant community and doing improvements on the outside of the home). 

Hmm, I have to give two answers for #1. Most owners are in a tax bracket to take advantage of the mortgage interest write off, and most owners enjoy their freedom to "do-as-they-please" with their home and landscaping.

Tax deduction

it's an investment, even if you live in it, and it's a tax right off.... a win-win...

Everything Cindy said, plus if you have a fixed rate loan, your payment stays the same!