Owning your home is an amazing investment. As you pay down your mortgage, you increase the gap between what you owe and what your home is worth. If you sell, or need to draw out cash in a refinance, you can access that equity (money please!).
Sometimes owning your own home can be more expensive on a monthly basis than renting. Remember your mortgage is a type of forced investment.
It's important to keep in mind the monthly costs of homeownership if you've been renting in the past:
Property tax (paid to the City or Town)
Utilities (your water, electricity, natural gas)
Condo fees (if you live in a townhouse or condo)
Wifi (it's not free!)
Mortgage payment (of course)
Repairs
When house shopping, talk to your mortgage professional about not only the purchase price of a potential home, but also the monthly budget you would have.