We just sold our home in June and became renters. Here are our reasons:
1) We hated -- HATED -- being home owners. Owning a home is like having a spoiled, ungrateful child. Most weekends have to be spent doing some annoying house task -- mowing the lawn, fixing shit that breaks, maintaining other shit so it doesn't break. Not only does a house rob you of time, it also raids the wallet constantly. And we didn't own a money pit or anything like that, this was our experience in a well built home in good condition. I don't want to piss away my life cutting grass that will just grow back again or building a pergola in the backyard. I have better things to do.
2) Constantly having to adjust the budget for house projects. Sure, the mortgage may only be $900, but then there's the constantly rising taxes and insurance, random maintenance charges, etc, etc. We actually paid an average of $1400/per month for the privilege of being owned by our home.
3) You are stuck with your neighbors. When crappy people buy a home next to you, or even down the block, you are stuck. When you rent, you can either stick it out for a couple months (crappy neighbors tend to move on at the end of their lease term) or you can easily pack up and move yourself.
4) Cost is often less with rent, and it isn't as variable as with home ownership. Not only is renter's insurance a hell of a lot cheaper, all costs are fixed. My rent is $900 + $15 pet fee every month. My renter's insurance is $8/mo. I don't have to pay water, sewer, or garbage. My electricity is less (in part because we are on the top floor and heat rises, with two shared walls and a shared floor). My housing costs are always $923/mo. It doesn't matter if the hot water heater goes or if the toilet fails, it doesn't come out of my pocket.
5) Flexibility. Man, I might not want to move in a year or two, but it is mentally freeing to know that I easily could should an opportunity arise or if my current area became a total shithole.
6) Flexibility -- bears mentioning twice. We started in our home as a family of four. Then kid #1 grew up and headed off to college. In a couple of years kid #2 will be off. I don't want nor need a big house to clean and maintain once there are only two of us. People change, and it's difficult to change housing once you own. We can downsize or upsize much more easily as renters.
Yeah, we might own again, then again, we might not.