Owning a home is the American dream.  With ownership comes new responsibilities and new benefits.  Here are a few of the main ones.

Maintenance - Be prepared to spend more time and money on emergency and planned repairs on your home.

Disposable Income - Saving for a down payment and future expenses takes discipline.

Monthly Cost - Monthly payments are usually higher than rent.  Plus there are added cose like insurance and taxes.

Risk - Owning a house is an investment, and every investment has an element of risk.

Liquidity - Buying a home is a long-term investment.  You have to sell your home to turn the equity into cash.

Pride of Ownership - Its a great feeling to own your own home.

Investment - Owning a home is a forced savings plan. 

Appreciation - If your house increases in value you will enjoy this appreciation. 

Tax Savings - Expenses such as mortgage interest and property tax may be tax deductable.