The problem with renting is that the monthly repayments generally cost the same as (or more than) a mortgage, except that when you're paying off a mortgage, you're essentially paying for your own assets which you'll get to keep at the end.
With renting you're paying for somebody else's mortgage and you don't get to keep any of that money you're paying off, so in the long term it's nearly always better to have a mortgage unless you really need the flexibility.
Even in the worst-case scenario mentioned by the above poster, if the housing market collapses, and maybe your house loses 50% of its value, you're still better off than you would have been from renting - your house will never be worthless, whereas any money you pay to a landlord is money you'll never get back.