When you own your own home, you'll enjoy many benefits that run the gamut from pragmatic to psychological.

On the practical side, instead of paying rent to someone else every month, you're investing in your future. The tax advantages alone appeal to most homebuyers, as mortgage interest and property taxes are deductible. The potential for home equity is another highly motivating factor.

Although immeasurable, the intangible benefits of ownership are equally important and, for some, even more compelling. Homeownership instills peace of mind, a sense of permanence and stability, and pride of ownership. Plus it offers the freedom to create your own environment—whether that means redecorating, remodeling, planting a new garden—or just knowing that you could if you desired.