1. Capital/equity appreciation - the value of the home + land is worth more in the future. This is not a guarantee in most parts of the country. There are a few areas that are fairly resilient (usually within the metro area of the largest cities in the country) but the barrier to entry can be impossibly high for most people.
2. Hedge against inflation - the value of your mortgage stays the same, but rents (and, in turn, the value of the dollar) increase. This is the classic "rent vs buy" scenario. If rents / sq ft are more in your area than owning the home it's worthwhile. This may not always be the case but even if rents dip they may (will) rise again and the predictability of a mortgage payment over 30 years can offer stability. Again, though, it can require considerable upfront capital to secure that steady payment.