Pro: long-term stability for oneself or the family, if you have one, more control over your living space, real estate is potentially a good (and a more disciplined) investment, mortgage interest tax deduction (in the US).

Con: flip-sides: tied to a specific area, illiquidity of your capital, being forced to sell or rent out, possibly at a loss, if you cannot afford to pay the mortgage or have to move for other reasons.

The standard rule of thumb "buy a place when preparing to start a family" probably still works 80% of the time.