You usually get less space for the money. Changes cannot be made or are limited in scope. Rent rises with inflation except where there are many rental units available. You will probably have restrictions on noise level, pet ownership, or children. For more information, see Choosing to Rent.
Homeowners often have a sense of pride and status in home and community.
Mortgage payments contribute to an investment, particularly if the property is located where it increases in value over a period of years. Interest on mortgage monies and taxes are legitimate income tax deductions. The house may increase in value, resulting in a significant gain in net worth. Ownership may contribute to security, especially in retirement years when income normally decreases. More space may be available for family members and their activities.