In certain nations, renting home is preferred to buying homes by a significant number of citizens. Renting a home does not require a large sum of investment upfront and on the downside, it does not give you a sense of ownership.
Because of limited land in urban cities, the price of owning land has gone up drastically. So, buying a home requires a large sum of money, and if you do not have such an amount, you need to take a loan from a bank at a certain interest rate. It is more sensible to pay a small amount in rent rather than paying a big amount in interest. People can invest the difference in other businesses, making the money more fruitful. For instance, you can rent a home near your workplace which can ease in commuting.
The sense of owning a home can relieve you in terms of security. If you own something, you do not hesitate to invest in it for betterment compared to renting home. If you own a home, you could take a loan against it when you need to invest in or start some business endeavour. For example, you can take a mortgage on the house and start a small business which will pay in the long run.
In conclusion, renting is sensible if you are thinking of living somewhere for a short period of time which is practical for people who move for jobs, and if you plan to live someplace for the long term, buying a house is beneficial.