Drifterrider - I think that if two houses were side by side, same type of house, and we could rent one or own the other, and the math was even in the long term, we would probably rent. the lack of risk would make that decision easy I think.
But my spreadsheet makes it clear that not only is owning a better choice financially, it's a MUCH better choice, in our area at least.
If we buy, our goal is to pay off the house with a 15 year mortgage. By the time the house is paid off, our girls will be leaving the house and we should be FI (this is all best case scenario, mind you). At this point we decide whether to keep the house, downgrade to a smaller house, or rent. But even over this 15 year term, which isn't that long, it seems like owning is the answer where I live.
I'd encourage you to take a look at the spreadsheet if you have time. Thanks!