1. Having a locked-in housing payment for life (or that goes away almost entirely once the house is paid off). No possibility of "your rent will go up next month" notices, no inflation.
2. Knowing that part of my payment each month is going towards building equity, not towards sending the landlord's children to college.
3. Stability (can't be told to move because the owner wants to sell, for example)
4. Better living conditions with no neighbors on the other side of the wall (for a SFH)
5. Steady appreciation in housing prices where we live adds considerably to net worth, especially with leveraged equity
You didn't ask for this, but what I hate:
1, 2, 3, 4, 5.... Property taxes. Where we live property taxes pay more than half of the county's gigantic, bloated budget, and property values are extremely high so it results in very large tax bills. This year we'll pay $15,000 in property taxes for our residence and two modest rental homes. And there's no limit here on assessment raises. The county raised our tax assessment over 50% in a single year a couple of years ago, and double-digit increases every year after that! There is no appeal process, you just eat it. Glad I'm not a senior trying to live on a fixed SS income.