I'm in my late 40s and rent by choice. I've owned in the past, and plan to rent for the foreseeable future because:
1. I live in a LCOL area that is desirable for its outdoor recreation opportunities, but not growing. Thus, housing prices are flat and likely to stay that way.
2. My employer may fold within 5-10 years, at which point I'd have to go on the academic job market. If that happens, I don't want to be stuck trying to sell a house in this location / market (recently, it took one of my friends three years to sell her house in this town).
3. I hate gardening, lawn maintenance, and all house maintenance. I'm very active in outdoor sports, and would be resentful and miserable staying home all day Sunday to work on my house and yard. In my view, it's a colossal waste of time unless you love doing it.
4. I live very simply on principle and don't accumulate clutter. Living in an apartment is more aligned with my principles, and doesn't afford me the opportunity to accumulate junk.
5. I don't want to be stuck owning a house near an a$$hole neighbor. If I rent, it's easer to leave if relationships sour.
6. Renting in this LCOL area allows me to save more of my income, so if I want to buy a little abode when I retire, I can pay cash. By renting now and saving for a possible home purchase later, I can go anywhere I want in retirement without having to sell a house first.
7. Property taxes in my state are very high, and our public schools are funded by property taxes, not by state or income taxes. Although of course I support good public schools, I don't have kids, so paying high property taxes for good schools would be annoying. (Unfortunately, by my observation, property taxes don't appear to be spent on road and bridge repair.)
8. I grew up in a blue-collar family with a single mom who worked three jobs, so I have an anxious relationship with money. The unexpected expenses of owning a house make me crazy.
9. Most people I know who own houses complain about them all the time.