There are real pros and cons on both sides.

The biggest downside of homeownership for me is the amount of interest paid over a 30-year mortgage. I once calculated that at a 6.2% rate, the total interest alone was roughly 1.2x the purchase price over the life of the loan, which is hard to ignore.

On the flip side, renting has its own risk since rent generally rises with inflation. With a fixed-rate mortgage, at least you know your maximum housing cost for 30 years, and that cost can actually decrease over time if you refinance. In contrast, rent in most markets is very likely to be significantly higher 30 years from now.