There are many reasons to purchase a home. If you're reading this you may have already decided to do it. Its a big decision and it can be a tough, emotional process. In any case I want to outline just a few specific reasons that may help you take the necessary steps.
First, it is forced savings. You're not just paying to live somewhere. You are paying for an asset that will increase in value over time. According to the Federal Reserve's Survey of Consumer Finances a homeowners net with is 44 times that of a renter. And Pulsenomic's Home Price Expectation Report estimates that a family that purchased in early 2017 will build more than $48,000 in family wealth over the next 5 years.
Second, there are tax benefits. Interest on your payment is deductible from your taxable income, and for the first several years a large portion of your payment is interest, dwindling slowly as a portion until in the 30th year your payment is almost all principle. Early on you can write off most of your payment. The new tax law (2018) had made some modifications so check with your tax professional.
Third, you can lock in your monthly housing cost. If you get a fixed rate mortgage (which I strongly advise in almost every case) your payment will not go up, assuming your insurance or property taxes don't go up.
Fourth, it's an investment you can live in. Pretty tough to beat that.
There are many more reasons for owning a home but these four top my list. It is a process though, and it requires education.