If you have a fixed-rate loan, your principal and interest payments will never go up, although the amount you pay for taxes and insurance may increase each year.
Having a home of your own gives you the freedom to live as you wish. You can have pets and make changes to your home to suit your needs.
Your mortgage payments are like investments. Over time, you accumulate equity, which represents your ownership interest in the property. You may be able to borrow or convert your equity into cash by selling the home.
Homeownership can provide a stable environment for you and your family that adds to the security and comfort of your day-to-day life.
You may pay less income tax because all home loan interest and property taxes you pay each year are deductible from your taxable income.