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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.

There is nothing bad in buying a house or renting it, doing both, your plan and purpose for doing such matters. At times, you may not have the money to get the kind of house you want to buy, in this case, surely, you will not sleep outside or do any magic, you will have to be patient for a while until you are financially stronger enough to buy a house. In some cases, it could be a situation of relocation where you can't immediately settle for the buying of the house, and of course, you will have to rent.

Again, there are some people who have bought or built houses at some disadvantaged location, they do not have a choice, and they might still opt to rent a house for the time being. If they calculate the proximity-caused issues like the convenience of getting to work, resources to be wasted due to and fro daily, and safety, they would surely resort to renting a house in most cases. So, the two are no big deal, as safety, purpose, plan and convenience are key here.

It would really be something that will be depending into someones needs and preference because there are really people who are really that loving on having their own home and there are ones who do love to rent due to various reasons like the location of their job and something that do talks about practicality.It would really be just that depending on how well you would really be that making yourself that goes with your preference.
When it comes to savings then it would really be something that renting would be saving you up rather than on having that your own house. It would really be that situational and just like been said it would really be affected with several factors on which we know that this could really affect your decision making.

For me on which having your own house will definitely give out that kind of peace of mind and having that confidence since you are living on your own house which you wont really be needing to pay up some rent
but still you would really be needing to pay up those monthly amortization on which this is where people would be that skeptical on making up decisions because they dont really like for these things to be happening because they dont have the money or having not have the plans on paying up big for a long term amort on which i do really that seeing this stuff on where people do come into a point or consider
about speaking with practicality but of course it would really be still that depending on someones preference.

I agree that whether to buy or rent will depend on each person because there are many things to consider . But I will disagree that renting a house is more economical than buying a house. When buying a house you will need to spend a large amount of money and not everyone has the economic ability to do that. Meanwhile , renting a house is largely due to some people not having much money or due to the nature of their work. But if you rent for a short term, there's no problem, but if you have to rent for the rest of your life, it's a problem . Some people say that the amount of money they rent for 30 or 40 years is enough to own their own house , but because they can't have that much money, they can't buy a house . Meanwhile, if you buy a house, you can live in it and after you die you can inherit that house to your children . In the long run , buying a house always has greater benefits than renting .

I believe that owning real estate or a house is always the dream of everyone, especially those with families , which is why the demand for real estate or its value has never stopped increasing.

On the moment that you would be buying your own house then it would be a one time big time payment specially if its cash purchased but that would only stop on there and next of that then you would be that free of monthly payment or wont really be having that responsibility on paying up something but we do know that not all people would be having that finances that they could afford their own house.
If you do then you are lucky or consider yourself on a good position because building one doesn't come cheap and only a few could be having that capability on doing so. We are all hoping and wanting on having our own home but there are really indeed instances that due to lack of funds or cant be able to afford then we would be ending up on renting out. Just like on what Fatunad said above that it will really be situational
basing up on what are the condition that you are into. If you do find that you could save up money on renting or really that near on your workplace then it would be common sense that you will be renting instead on making some commute specially if your home is really that too far. It would be impossible that you cant be able to assess yourself on what are the things that you should gonna do and stick out on where you could be able to save more.

I do not deny that whether to rent or buy a house will depend on each person such as the nature of the job and many other factors. But like I said, I don't think long-term renting is more economical than owning a house. Personally, I lived in a rented house for more than 10 years while working away from home and I found that with that 10 years' rent, I was able to own a small house in my hometown. But because the economic conditions at that time were quite difficult, I could not buy a house and had to rent a house. If at that time I have enough money to buy a house and return to my hometown after quitting my job, I will even make a large profit from that house by renting or selling that house. That's why I disagree when people say renting a house is more economical than owning a house.