Yeah, this is something that I am curious about. Right now I am renting a room in my friend's condo (includes utilities, garage space, and shared use of all living areas/kitchen) at $500/month. This is a fairly sweet deal especially as we both get along and this cuts my commute in half and I am starting to bike so that I can avoid driving to work. I was previously living with my parents and using the $500/month as an extra addition to my Vanguard investments.
I am looking for a place of my own, but I think much of it is having pride in my own place. This is a sweet arrangement thus far, and I know that my roommate is paying $300 in associate fees alone, that doesn't account for his mortgage and other expenses. These are expenses that I would have to pay for had I owned my own place. I am toying with staying here unless I find something far better. My roommate is single, if he gets married then I know that I will slowly be asked to find a new place. But the costs of home ownership don't seem like a worthy investment, the mortgage may be cheaper than rent, but to me that is still a ton of money stuck in one place, without much diversity. I would rather have my money in index funds and rent. Plus if I need to move this is far easier than trying to sell a house (esp in a down market).