Although there are exceptions, in general, owning becomes cheaper than renting if you are going to live in the area for more than 2-3 years. That’s when the cost savings keep increasing relative to renting, in addition to appreciation which you don’t get when renting.
There are several tax benefits of home ownership.
Mortgage Interest and Local Tax Deduction: Interest paid on the first $750,000 of the loan amount on your primary residence or second home is tax-deductible, as are the real estate taxes, up to certain limits.
Owner-occupied exclusion: If you sell a home you lived in for two out of the past five years, you can claim an exemption from capital gains tax. This tax exemption applies to the first $250,000 of price gain if you are single, and $500,000 if you are married. If you have lived in your home for long enough for the value to double, you may want to consider selling your home and buying a different one of the same value so you won't have to pay tax on the next $250,000 or $500,000 of appreciation.