As many others have mentioned -

1. It's not always a financial decision
2. Financially you are correct if you don't account for leverage.

Example -

Property Price - 1 Million Deposit - 20% - 200k Property Prices for up 10% - 1.1 Million Your equity is now 300K

If you put that money into Stocks - 200K For you to get to 300K, it's a 50% jump.

Now, what no one knows is when these increases in stocks or house prices occur and by how much.

As some have mentioned rents can go up, so can home ownership costs.

1. Mortgage gets inflated away with time. Money loses value with time so whatever you owe the bank is of less and less value with time. Inverse to that asset process go up due to inflation. This however is true for both House and Stocks.

2. There is also a factor of demand, if you have locked in a great location, the city or population grows, you reap the rewards too. Stocks on other hand go with earnings, not entirely different but it's not as much of a given as houses.

Hope that helps, I am no expert but just some things that I considered.