The only difference (besides being a good investment) of owning a home vs. renting would be deducting interest and real estate taxes on the home. Check your last return and see if you itemized deductions. If you did, then based on your income, and assuming you don't fall into AMT, just add up the real estate tax and annual interest, multiplying by your tax rate to determine the net effect on tax.
If you do not currently itemize, you won't benefit as much. Say you live in a state with no income tax and don't donate to charity- real estate taxes and interest may be your only deductions. The opportunity cost is that you are losing your $10,000 std ded (you are filing MFJ?). The net effect, assuming approx $10,000 in interest and $5,000 in real estate taxes, could be only a $5,000 decrease in your net income in that situation.
If you would like a more detailed explanation, I would suggest modifying your question to include some facts such as if you were in AMT last year and whether your currently itemize your deductions. If you don't, then include in your post your annual charitable giving, excise tax and state taxes, if applicable