This is a difficult decision for many and is faced by several people today.
With home ownership, equity in your purchased home increases with time all while your mortgage pays down. This in combination with appreciation of property values creates a rewarding and rapid increase to your net worth. On the other hand, the renter in the same length of time has no property invested, has enjoyed lower living expenses but has also missed opportunities to build up that equity that would open other possibilities.
To compare renting to owning, all the figures have to be added up. You have to take into consideration the cost of the home, the down payment, utility costs, interest rates and insurance, any repairs needed and properly compare them with rent costs and maintenance fees, content insurance and parking fees. Compare also value of convenience and enjoyment and/or lack of necessary outdoor maintenance etc. Consider also the satisfying feeling from owning a home.