> - Even if the value doesn't go up, eventually you'll pay off your mortgage and be able to live more cheaply. If you rent, you'll be paying rent (which will probably be steadily increasing) forever. If there's inflation, your fixed mortgage payment becomes smaller and smaller in real dollars over time. And while you're paying your mortgage, you get to deduct the interest from your taxes.
That's a bit misleading. The money you save by not paying off a mortgage should of course go to other investments. You can even put it into housing (just not into the house you live in, for the sake of argument).
> - In some areas, owning a home can give you access to better school districts.
American laws are strange.
> - Detached houses have more space and privacy than apartments. You're less likely to be disturbed by your neighbors, etc.
You can rent houses, too. And you can buy apartments, too.
> - A home that you own is yours to do with as you please. Want to put a pool in the backyard? Sure. Want to remodel the kitchen? Just call a contractor. Want to convert your garage to an office? That's OK. Want to rent out your house while you go on vacation? There's nobody you need to ask for approval.
Yes, that's an important benefit. On the other hand, if anything's broken or there's legal trouble, it's yours to fix, too. It's a bit like owning a business vs just working in one.