Benefits of Owning vs Renting

Advantages of Owning Disadvantages of Renting
Pride and comfort in owning your own home. You live around someone else's colors and choices.
Ability to customize the home exactly how you want. There is no “equity accumulation" in renting, you are essentially throwing your money away each month.
Money that you pay towards the principal on your loan each month increases the % of your home that you own. In effect, you're paying yourself. Tenants are always subject to the landlord's lease and this usually means higher rent payments each year.
Mortgage payment stays the same over 30 years. If you were a renter, your rent would definitely go up. You cannot deduct rent payments from income taxes.
If you itemize deductions, you can deduct the interest you pay on your mortgage. Landlord benefits from your work and costly improvements.
You leverage your investment by buying the home with (mostly) the bank's money. You might put only 10% down, but your whole house (all 100%) of it appreciates every year. If you put $10k down on a $100k house, the whole $100k appreciates, not just the $10k you put down. Only landlords benefit from appreciation in values—not the tenants
When (if) you sell your home, you don't have to pay any income tax on the gain. Whoa! Fact of losing money each month and not investing in your future.