There are several benefits of owning your own home....
Freedom: It's all yours....paint, decorate or upgrade however you'd like. Don't worry about the messy bathroom since the landlord won't be stopping by. Don't worry about the upstairs neighbor telling you the music is too loud. Do as you wish!
Tax Benefit: This one is HUGE. More than likely, the amount you'll save annually on taxes due to paying mortgage interest will be the biggest tax benefit you'll experience in your lifetime.
Equity: If you maintain and upgrade your home you're more than likely to see it go up in value which ultimately puts more money in your pocket when all is said and done.
Retirement Security: Eventually a motgage will be paid off and you'll be living "rent free" in your own home.
Sense of Community: As a homeowner you have a stake at what occurs in your neighborhood. Therefore, you're more likey to get involved in community efforts. A common purpose will yield new friends while helping to insure that the neighborhood remains safe, thus protecting your property value.
Of course, there are cons to owning your own home as well, but at the end of the day the pros should easily outweigh them.