When I was growing up, we moved often, and sometimes to other States. It seemed like we moved every year, so I am thinking my parents did not own a home, they rented. I would ask, but both have been gone for decades, sadly. We never were in one place for too long.
When I was in high school, I KNOW my mom owned that home, as a foreclosure notice was taped to our front door, and we lived across the street from the high school. Sadly, everyone walked past our home to go home. My dad did not pay child support for the 3 of us, and mom worked 3 jobs to try and make it work. Guess it wasn't enough.
I vowed that would NEVER happen to me, and would not buy until I knew I could hold on to it. BUT, we never know what could happen (like 2008) that would put homeownership in jeopardy!
It was after I got married and was pregnant that the time seemed like a better idea than renting. Raising a daughter in OUR home was the American dream! We had a back yard for her to splash around in the small plastic pool, we could paint the walls a color of OUR choosing, and add hardwood flooring without asking permission! It was even better when we sold, and actually saw a check at the closing table!
It is a proven fact that Homeownership gives us a sense of pride to have our own place, to call it ours, and to invite friends and family over. The kids feel a sense of pride as well. Homeownership can bring wealth if done properly with rentals and maybe a property manager to run them to have a hands-free rental property. Not to mention the fact we can still write off some expenses on our taxes!
I have met some renters that have this same pride - but when I mowed the grass, cleaned up the yard, and stood back, wow, that is beautiful, and it's mine!
At my age, my hope is to finally have no mortgage payment, and just about there! You certainly cannot do that when you are renting!