One of the biggest benefits of homeownership is sustainability or maintaining your finances thanks to set monthly bills. Your housing payments are set so budgeting becomes less of a burden. That means you can get a raise this year, next year, and the year after, and all that extra money can be used for anything you choose rather than an increase in rent payments.
Yes, you can improve your home or take a vacation. You can even put the money into savings because your mortgage payments are locked each month, and if you are like most people, you know that when you pay your loan off, you can reduce living expenses and have even more money to create memories with.