You get tax benefits. On your federal income taxes, you can deduct what you pay in property taxes and mortgage interest, if you itemize. That can save you hundreds or thousands of dollars each year. See your tax adviser for specifics. The upfront expenses are hefty.
Some people end up financially stretched and emotionally stressed.
After paying their mortgage and other living expenses, they have little left for anything else. All the more reason to take a hard look at what you can afford. Keeping a house in shape takes money . . . No landlord will rescue you if the roof leaks or the furnace dies. . . . and time. Even small home repairs and general maintenance, like lawn-mowing, eat into your free time.