This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.
Normally when one is financially buoyant buying a house is never a problem even if renting is cheap, one would just prefer to have a personal house own by his/her name. Buying a house takes the stress of paying for rent every year, but for one that is not financially buoyant to buy a house, but can struggle to raise money to buy house , their are some certain aspects that needs to be look into if the property can add value to them value financially. I know some people that are doing well in a good location and after buying house in a location that house are affordable everything changed .
If renting can still keep one going in business, financially it is better to just rent to gain more financial strength. Taking a decision like this , it is something that needs to be looked critically not to later be a cause to financial set backs in life. For those who have the money to buy house in any location it is a good plan but for those that are trying to build good financial strength it is something that one needs to think about it properly.