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.
I have a few friends in America and they all told me that when you own a house, you still have to pay a monthly fee for it, so they prefer renting a house unless you are a millionaire. I also have some friends in Europe and they told me the same, it isn't worth buying a house if you are not a millionaire. If we keep in mind that when you buy a house, the house still needs maintenance and repairs often and you have to pay for it out of your pocket, then we can say that renting is a good option. It gives you flexibility which is a big bonus. If you need to move to another city or country, you can easily just rent a new house and don't have to worry about anything. The problem with the rent is that more than half of the time you work only to pay rent and when you own a house, you don't have that burden on your shoulders, owning a house gives you a calm mind.