Owning your own home is a huge benefit.  Your get the freedom to be an individual and paint your home whatever you want, well unless there are any CCRs.  The unstability of Rental Rates verses the Stability of a fixed Rate Mortgage.  While rents rise year after year your mortgage will stay the same.  And of course your landlord can't kick you out if they feel like it, as when you own your own home you are your own land lord. 

For more on these great benefits see the full story about the Benefits of Owning your own Home in Seattle.