Renting vs buying will usually be decided based upon needs, situation, and market.
Either way you are paying a mortgage. Sometimes the cost to rent is too high or availability to buy is too low.
Other times the flexibility of renting vs stability of buying makes all the difference
Rent
Pro -
Flexibility
Requires less cash
No depreciating value
Minimum maintenance
Con -
No equity
No Tax Benefit
Possible increase in monthly payment.
Buy
Pro -
Build Equity
Home ownership
Tax Benefit
Stable monthly payment.
Con -
Requires more cash
Potential depreciating value
Maintenance and expenses