You're ignoring a lot of things here:
The savings in taxes from the mortgage interest deduction.
The future value of the home.
The difference between locking in a set housing payment for the next 30 years vs. dealing with rising rents. This is going to make a big difference over a multiple decade period. Go take a look for yourself: https://smartasset.com/mortgage/rent-vs-buy
The fact that you'll nearly always pay more per month to rent the same dwelling than if you're paying a mortgage.
The societal benefits of neighborhood safety and stability that comes from occupants having a vested interest in maintaining their homes and looking out for each other. You don't get those things in neighborhoods that have high renter-occupant rates.