Owning a home can provide some level of security against inflation since the value of your home increases as prices go up. Because houses appreciation is usually higher than interest paid on savings accounts, it can be also seen as an investment.
If you own the house you live in, and you have to, or want to, do some improvements, the value of your home would increase, so you could see that as an investment instead of as an expense.
Most of the times the monthly payment of a rent is about the same or close to the amount a homeowner spends on a mortgage. As you make your mortgage payments and “own more of your home”, your investment value increases. The rent usually goes up every year, as inflation pushes prices up.
A home can also be used later on as a “trampoline” to buy a better house later on life.
Owing a home also gives you some tax advantages, since the interest you pay on your mortgage loan is deductible on your yearly personal income tax return. Property taxes and some of the closing costs associated with the purchase transaction are also deductible.
Owing a home is also an investment that you make for your kids’ future and gives them a sense of stability and security since you would not have to be moving around frequently