It depends on a great number of circumstances, some personal, some federal monetary policy. I have a mortgage at about 3%. Given the inflation rate I am borrowing that money for free, even being paid a little to borrow it. I could pay the loan off today but why would I? Owning also allows me to do things that a rental would not. I have a substantial garden and a large shop in my backyard, neither common in rental situations. Rental makes sense for people who are likely to change jobs or move as their job demands change, for those who struggle to accumulate the down payment on a home, or for those who don't want to be bothered with maintenance costs and activities.

From an investment standpoint, low-cost index funds will generally perform better than residential real estate over the long term when all costs are considered (property tax, maintenance, insurance, realtor costs, etc.). That said, it's a good way for most to build wealth. Where else can you borrow hundreds of thousands of dollars to support purchase of an appreciating asset?