One day, you'll own it outright
The obvious pro of buying versus renting is that once your mortgage has been paid in full, you'll have a home that you own. This means you won't have to factor the cost of renting into your retirement plan. If you plan to sell your home after retirement, there's the potential that the property has increased in value, and you'll have more cash to put towards your nest egg.
You can change the home to suit your needs
Even before you pay off your mortgage, the house is still yours to change as you see fit. This means painting, fencing, landscaping and large-scale renovations are up to you. This gives you a certain amount of flexibility too, if you buy a home in an area you love, but it's too small or in need of work, then you can always address the issues down the track. Whereas renting, if the home doesn't fit your needs in the future, you'll be looking to relocate to another rental property.
There's definitely a certain amount of security that comes from owning your home versus renting. For instances, no-one is going to tell you that you need to vacant because they've decided to sell the property or move back in themselves. There's no risk a rental agreement won't be renewed for any reason, or that certain conditions will change that may impact your lifestyle. This security can make it easier to plan for your future and consider things like pets and children without the risk that your living situation may dramatically change through no fault of your own.