Financially, owning a house can be useful in several ways.
1) Income tax: If you can itemize, then mortgage interest (especially on a relatively new loan) and property taxes are deductible.
2) The ability to decorate, repaint and landscape as you wish without answering to a landlord. Also, to decide for yourself whether to upgrade, downgrade, or keep things the same when you do a repair.
3) Once the house is paid off (as mine is) your monthly out-go drops precipitously. With a child going to college in a year that is a good thing. Our vehicles are also paid in full.
4) At least in Texas, if you own your own home and fall on temporary financial hard times you can choose not to pay property taxes, leaving them to be paid by your estate.
5) Also in Texas, if your house is not collateral for a loan (such as a mortgage) if you file bankruptcy it cannot be taken away and sold out from under you. The law officially leaves you your primary dwelling and one horse (interpreted these days as your house and one car).
6) Although we have lived in our house now for 16 years and don’t plan to move for several decades, my parents moved frequently but still bought a house every place they lived. As property values increased even slightly they got more for each house than they paid for it. This allowed them to move up the housing scale each time the sold and then bought another house. In the end they had a very nice house that sold for enough to fully cover moving into a senior living facility where they can get any help they need.
I lived in rental property for some years at the start of my career and discovered that if the building is sold the rules not specified precisely in your lease can change, sometimes detrimentally. Also, each time you renew your lease the rent can go up (sometimes precipitately). In addition, you can be evicted when the building is turned into condo units, someone buys your apartment as an investment, and then doesn’t pay the mortgage.
All of these happened to me during the 8 years I rented.