When you rent a house, the only real advantages you have are that you are generally free of most maintenance responsibilities, and that you are also free to change houses whenever you want (depending on the terms of your rental agreement). The problem with this is, that you are spending nearly as much on rent as you would on repaying a loan, and at the end of any given time frame, you have nothing to show for it.

When you buy a house, every payment you make contributes toward your own asset ("equity" in your house). Assuming you make all the mortgage payments, you will own the house. The money you would have paid in rent and become “dead” money, has been used to build an asset which can usually be expected to become worth much more as time goes on.

By renting, you lose the ability to build equity, take advantage of tax benefits and protect yourself against rent increases. Also, you may not be free to decorate without permission and are literally at the mercy of the landlord for your housing.

Owning a home has many benefits. When you make a payment, you are building equity- and that is an investment. Owning a home also qualifies you for tax breaks which can help in financing the upkeep in maintaining your home.