Being a homeowner or renter has advantages and disadvantages.

Lets look at the practicality of homeownership.  To begin with you will own a piece of the world.  You will have a place to call home.  You will have started to create roots for you and your family.  

Along with ownership you have also created a debt (mortgage).  Generally the property you purchased will grow in value over time so LOCATION, LOCATION, LOCATION is important. 

But before purchasing take a good look on paper (not in your head) at what you are now spending (credit cards and car payments) and add to that the cost of the mortgage (and add in real estate taxes, maybe homeowner association dues and insurance).  If this total and other expenses exceed 33% of your income then you have to really think if buying is a good option for you at this time.

Not all revolves around money.  Location is extremely important.  Drive through the neighborhood a number of times before committing to a purchase.  Look at the specific property 2-3 times before committing.  Ask about the schools.  Growth potential in the general area.

Other expenses to keep in mind will include insurance (house and health are the important considerations).

Yes you can deduct on your tax return the mortgage interest and real estate taxes today but its a deduction that Uncle Sam is looking at and its possible that it will be either eliminated or limits will be placed on what is deductible. Even today there are limits to this deduction(s). 

As an aside I would not concern myself with tax consequence but know that there can be consequences.  You cannot control the tax world.  Focus only on what you can control....expenses, income and the outflow of cash.  

Focus on affordability.  Banks will look at a 33% and 28% factors.  33% covers the amount of your income that banks look at as a viable risk they will take with you regarding a mortgage.  The 28% factor covers your mortgage and interest.

Other considerations is travelling to and from jobs and school.  If you want to move you cannot do that instantly but it can be done.

This outflow of funds you visualize as being returned to some degree when you sell the property.  So again location, location, location becomes important.

There are other silent cost you have to keep in mind covering home and property upkeep.  This takes time and money and there are the upgrades that you may want to make.  When upgrading keep the potential value of the property in line with the neighborhood.  

As a renter all you do is pay rent and adhere to Home Owners Association rules.  No yard work (maybe).  No tax write offs (maybe), simply pay the rent.  When you want to move you can do that instantly. It is simply an outflow of money; no possible recoup of funds. 

So sit down and weigh the pros and cons and see if you benefit from ownership or as a renter.  In the long run most people will opt for homeownership because it something they own and that gives them roots and a good feeling.