My personal experience is that I have definitely saved by being a homeowner and not a renter. I have gone through a 40-year period of homeownership and had the advantages of tax deductions (in the US), predictable expenses, and growing equity in my home. Of course the 2008 housing bubble that burst put a dent into some of my gains, but when I compare to what it would have cost me to rent over that same period of time, my opinions agree with Erith’s opinions of it being really beneficial.
I do think there is a mind shift today among millennials with good reason. Housing is less affordable in the lower price points than it was when I was in my 20’s. The owning of a home and raising a family in your 20’s is not as much of a priority as it was in my generation (Baby Boomer). Renting gives you a much more flexible way of relocating for employment, and with the job market the way it is today that’s almost a necessity. My conclusion therefore is that things have changed and that renting for many is a better option at least in the beginning of one’s adult experience.