Great answers here, however, I'll add my two cents.
The cost involved in owning a home is where you can determine if owning is better than renting. Consider your down payment, closing costs, lender fees, inspections, appraisals and so forth are one side of the situation. Your credit score, debt/income ratios and other important aspects will determine an interest rate and term for a home loan. Your benefit in claiming interest paid on the home at the end of the year will depend on your tax bracket and other deductions. Once you've done the numbers and included all expenses and interest benefit, you will see very clearly if owning or renting makes sense.
Quite a few folks have done the numbers and opted out of home ownership, at least for the time being because it costs them more to own than rent monthly. Good luck to you!