It's not a basic necessity, but it does give you a lot of financial security, physical security and a sense of permanence in your community, especially when paired with other trends like gentrification. I've got retired friends that rent and have lived in my area since they were children but their pensions/funds aren't keeping up with rent prices and moving out to the country to die is a real possibility. Owning a property would have buffered them against this change. For people starting families today increasing rent prices is taking up more of their salaries, a mortgage goes down relative to inflation, and when you buy a property you can factor in things like which schools your children will go to. A home owner of any age will be able to weather negative events like unemployment or debilitating illness a lot better.