Add to that the added benefit of "as long as I make my payments, this place is mine forever" - which is certainly not the case with renting.

There's a whole slew of intangibles that come with "owning" your home that I think have made my quality of life significantly better (and certainly worth every penny): being able to make whatever changes I want, knowing that what I do to the property could outlive me (in the sense of taking care of the planet), and having a sense of accomplishment when I fix or upgrade odds and ends.