Like many have said already, it all depends on the situation you are in. Personally, I would buy. Renting can become a bigger hasle then just going through with buying the home. Not to say though that all renting situations turn out badly. If you can afford the monthly mortgage payment and all other nescessities and still have a little more, why not own your own home! It is a big process but with the right amount of consideration and the right advice and help from an Excelled agent who knows what they are doing. Buying a home can be a lot easier than you think. Also when you buy your own home you can do whatever you want on the inside. Where as when you rent you have many restrictions to what you can or can't do within your walls (ie: hanging pictures, painting, etc.)
Good luck with your searches & future decisions!