I'm currently renting, but I take possession of a brand spanker next Friday.
A house is, in general, an appreciating asset. And there aren't many of those investments available.
Here's my maths (assumes everything constant - simpler that way):
Renting, $10k per year. Thats $250k in 25 years. I have nothing, other than $250k less in my pocket.
Buying, $250k mortgage, cost me $500k in 25 years. Ok, I've spent twice as much, BUT I have an asset worth $750k
Given the tightening of the rental market, and the easing of interest rates, I reckon that I'm going to be even better off at the end of the mortgage.