To expand on the retirement bit - a purchased home is a huge portion of most people's retirement savings, from a net worth perspective. Not having to pay rent m

To expand on the retirement bit - a purchased home is a huge portion of most people's retirement savings, from a net worth perspective. Not having to pay rent makes it much easier for many people to get by on just savings/pension/a social security check every month. Assuming, that is, they've been able to pay off their mortgage by then.