Over recent years it has become more of a fact that buying a home has become a much more economically conscious decision than renting one.
Nevertheless, there is no clear cut decision to be made when deciding whether to rent or buy, as it depends on a multitude of factors, namely your current financial situation. However, another crucial factor is deciding the location you are looking to live in.
Before the 2008 housing crash, buying a house seemed to be the most rational decision as you would be putting money towards a future asset. However, after the crash people discovered that a house can indeed plummet in value and actually depreciate, in which case renting would obviously appear to be more practical.
For instance, renting a home in Allegany, New York is better if you plan on living there for less than 4.5 years as the rent is more competitive than the current housing market over there.