Homeownership offers you a permanent place to stay where you and your family can grow and create many memories. The feeling is magnificent, something that you can’t experience when you are on a house rental. Owning a home establishes a root in your community.
As with most rentals, you are limited to a monthly or yearly lease. At the end of a stipulated period, the owner can decide to increase the rent to match current market value or choose not to renew if he/she sees that you are unwilling to continue. As a result, you will end up moving out of the community that you and your family, especially your children have known all their lives. This might affect their happiness and physical state of mind. They will imagine their lives without the friends they had made, the activities that they did, and even the sweet memories they built there. It will be too much for them to handle.
Children born in a particular place have natural affection for it. They tend to familiarize themselves with such a location more than others, and might bring up discussions that they won’t negotiate moving out of there. With homeownership, it’s possible for children to live in such a community for as long as they want, but with renting, it’s the opposite. This is why purchasing a home is better than renting.