Many people value putting down roots and committing to a city or neighborhood. This often comes from having many tangled connections to other people.
My life isn't just about me anymore. It's about my wife, kids, and our extended family. If we were to move around a lot, each move would require the whole family to change their lifestyles, as opposed to just one person.
Don't get me wrong, there are plenty of nomadic families, but they are more rare than nomadic individuals because of the increased complexity.
For those of us who aren't as passionate about the nomadic lifestyle, settling down makes sense. And, if you're going to settle down, ownership is the way to go, especially of your house.
A great neighborhood is worth a lot of money. Good neighbors, good schools, good transit to work, and so on. If you're renting a house which provides those things, the idea that a landlord can take it all away isn't pleasant.