It's interesting debate. But I don't think you will get universal straight answer. Too much depends on too many different variables - different locations, different lifestyles, whether you have family or not, different countries with different property laws and different tax rates and tax regimes.
Here in Croatia, for example, almost anyone takes the view that buying property is always preferable to renting. Partly it is due to traditionalist mindset that having something that you own and that you could pass on to your posterity is preferable than living at the mercy of a stranger. Partly it is due to view that real estate is most preferable long term investment and, in some circles, the most convenient and simplest way to park large amounts of money.
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