We're 7 years in on a home. Originally we had a 30 year mortgage, a couple of no cost refinances later we're on a 15 year mortgage with a <3% borrowing rate which is almost free money. We've been paying down the principle as well and our monthly mortgage is now about 50-60% of the comparable rents and dropping while rents in my area are rising at 5-6%/yr. We're on track with paying off the loan inside of 2 or 3 years after which we'll be living in a very nice home effectively for free. We're even thinking of doing some basement modifications and renting out the basement as a separate apartment (we never use the basement for anything the house is >5000 sq ft.) which will completely cover our mortgage while it's still required or will bring in income after the house is payed off. Every one of these scenarios would be impossible if we were renting, all of the money we would have payed in rent would have disappeared into smoke and we would have been helping somebody else make their mortgage payments or making them money.

And oh yeah, our downpayment on this house was covered with what we made in appreciation on our previous house, plus we payed off two cars with it.

We've already made some money on this house as well despite the housing crash. It's recovered the original value and is in the black now.